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Nigeria's Starcomms incurs huge losses

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Nigeria’s leading fixed wireless and CDMA 3G mobile telecoms firm Starcomms says its pre-tax loss widened more than three fold to N15.61 billion (about $99.24 million) in 2011, from N5.16 billion in the previous year.

Starcomms said in a statement that its turnover also dropped from N29.03 billion to N20.10 billion in 2010.

Despite its losses, the telco said it increased its subscriber base by 26% in the period, which pushed its service revenues up by 13%.

The company says it has more than 2.9 million subscribers.

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