Multichoice has posted a R2.92 billion loss for the year ending 31 March 2023 as the weak rand tanks its profits.
Multimedia group Multichoice has reported its annual financial results for the year ended 31 March 2023, recording a loss of R2.92 billion for the year.
According to Multichoice, the high tax cost came because the group’s effective tax rate increased due to increased foreign exchange losses. It said that it added 1.7 million 90-active subscribers to reach a total base of 23.5 million subscribers – 9.3 million of which are in South Africa. “Although SA 90-day subscribers grew by 0.3 million YoY, lower levels of activity, represented by active days, were experienced, which resulted in a 2% decline in SA revenue.”
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