Sonatel

One would have expected that Sonatel's earnings would benefit from the sales increase of 12.8% y-o-y. This was less than the 18.6% achieved in H107 and there has been a considerable increase in amortisation expenses. As a result, the company's net income (on a consolidated basis) decreased by 30.4%.

Sonatel's partnership with Orange and France Telecom mean that the company will keep it in good stead as the expected weakening in the regional growth outlook drag on its earnings.