Cell C, which trades in a distant third place in the South African cellphone market, suddenly looks a more engaging proposition after surprisingly trading in the black for the six months to end June.Cell C’s latest financial performance was detailed in a circular released on Tuesday by prepaid technology specialists Blue Label Telecoms, which has proposed acquiring a 45% stake in the debt-laden mobile operator for R5.5bn. As an unlisted company Cell C has not released financial statements for public consumption. But anecdotal evidence has suggested the company’s massive debt burden has meant large operating losses over the past few years.The circular shows that Cell C’s bottom line profits saw a massive swing from a loss of more than R1.1bn in the half-year to end June 2015 to a small R2.8m profit in the interim period ending June 2016.A summary of the previous years’ financials showed Cell C reported a net loss of R5.6bn from revenues of R13bn in the year to end June 2015. The comp...
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