Full Year 2020 Blue Label Telecoms Ltd Earnings Call Transcript
Good afternoon, ladies and gentlemen. Thank you for joining us remotely, and I trust you're safe and adjusting well to our new working conditions. Moving on to the highlights for the 12 months ended 31st of May 2020. At our last results presentation in February 2020, we stated that we're going back to basics and cleaning up the business. We've done just that by completing the sale of Blue Label Mobile and the handset division of 3G and have used the proceeds of the net ZAR 698 million to reduce debt.
Debt has been reduced by ZAR 902 million. Blue Label has been very resilient during lockdown, given the essential nature of many of our products. Revenue, including the PINless, ticketing, gaming and other gross amounts has increased by 7% to just under ZAR 60 billion. Gross profits declined 2%, largely as a result of further moves into digital. Our online sales and margins have improved further due to early settlement discounts.
The decline of ZAR 100 million in core headline earnings from
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