By Hastings Yobe

Lilongwe, August 27, Mana: Airtel Malawi PLC has revised its financial outlook for the year ending December 31, 2023, predicting a significant increase in losses.

According to a trading statement issued by the company, Airtel Malawi expects to report a loss after tax of between MK15.1 billion and MK15.7 billion. This represents a 141% to 143% increase from the previous year's loss of MK36.9 billion.

The revised forecast is a significant departure from the company's initial trading statement issued on December 29, 2023, which predicted a profit/loss after tax of between MK1.75 billion and MK2.0 billion.

The company attributed the variation to a reassessment of the accounting treatment for US$ indexed tower lease contracts.

Airtel Malawi's auditors have not reviewed or reported on the information used to make this trading statement. The final results for the year ending December 31, 2023, are expected to be published by August 31, 2024, following review and approval by the Board of Directors.

The company is listed on the Malawi Stock Exchange Limited and is required to publish trading statements in accordance with listing requirements.

We tried to contact several economic experts to comment on the matter but non of them was available for the media.