Lagos, April 17 (Reuters) - Starcomms of PLC (STCP.LG), the largest mobile operators in Nigeria, 80 billion naira ($ 6000 million) net loss for the depreciation of the currency naira dumped to the - the company said.The company is pushing a net loss of 10 billion naira, foreign exchange, unrealized losses on 3640000000 NAIRANAIRA dollars, a record decline in construction loans to / from 2007 net income of 15.
* Starcomms swings to net loss of profit
* Naïr currency depreciation causes big losses
* Operating profit improved in Q1 2009
"The demand for telecommunications services in Nigeria in 2008 remains very high," Chief Executive Qubain Maher said.
"At the same time, in the second half is characterized by worsening economic conditions, reducing the exchange rate and reduces the average income of consumers (average income of the user) for the entire industry."
But he said business is improving and is in range to the operating profit of 409 million Naïr during the first three months of 2009 to a loss of 683,000 Naïr in the first quarter of last year, while that revenue has increased 15 percent from 8 5 million Naïr.
"Results of the first quarter of 2009 show that Starcomms is in good health, and liquid assets to the Nigerian Naira 8,157 billion at the end of March 2009," said Qubain.
Starcomms, based on the CDMA platform and provides mobile, wireless voice and wireless broadband services based on the Nigerian Stock Exchange last July. (Reporting by Nick Tattersall, editing by David Holmes).
"At the same time, in the second half is characterized by worsening economic conditions, reducing the exchange rate and reduces the average income of consumers (average income of the user) for the entire industry."
But he said business is improving and is in range to the operating profit of 409 million Naïr during the first three months of 2009 to a loss of 683,000 Naïr in the first quarter of last year, while that revenue has increased 15 percent from 8 5 million Naïr.
"Results of the first quarter of 2009 show that Starcomms is in good health, and liquid assets to the Nigerian Naira 8,157 billion at the end of March 2009," said Qubain.
Starcomms, based on the CDMA platform and provides mobile, wireless voice and wireless broadband services based on the Nigerian Stock Exchange last July. (Reporting by Nick Tattersall, editing by David Holmes).
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