Broadband Infraco boost

rpm

rpm

Admin
Staff member
Joined
Jul 22, 2003
Messages
66,805
Reaction score
5,057
Location
Johannesburg
Broadband Infraco boost

State-owned Broadband Infraco, which has operated under its new name for the last eight months, posted an operating profit of R18.7 million for 2007/08 but would have reported a R35.6 million operating loss if interest income of R61.4 million was not included, chairman Andrew Mthembu and acting chief executive David Smith have reported to parliament.
Click to expand...
 
thats a novel idea. put your money in a high interest bearing account and make money that way. brilliant. a government co pany looking to make as large a profit as possible. no spending - why would they *cringe*
 
Wait.. why the hell are Infraco posting profits etc etc....

Being a parastatal they should be plowing the profits back into the business to improve the infrastructure.... and interest income?... We as a public need to be demanding an explanation of why that money is not being utilised to deploy infrastructure.
 
So I guess now that the Directors will get hefty bonuses just because they put the money in the bank and earned interest.
 
There are many reasons why they would park the money somewhere for a bit. e.g. They get the money now but only need to pay the contractor later when the work is done.
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X