MultiChoice subscribers slump 9% as it’s battered by currency volatility, consumer pressure
Denise Hasse/Getty Images
DStv and Showmax owner MultiChoice reported on Wednesday that it suffered a 9% fall in active subscribers to 15.7 million its year to end-March, with consumers under severe strain, including in Nigeria.
The group reported that its loss for the year to end-March worsened 42% to about R4.1 billion, with the group also hit by R1.4 billion in extra trading losses for Showmax, which it has been investing in, and currency volatility.
The group incurred a number of non-cash charges during the year, including R4.6 billion in losses on the translation of non-quasi-inter-group loans between its Nigerian business, with that country seeing a hefty currency devaluation, and tough economic conditions.
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