Burkina Faso's Onatel reports fall in first half profits

ABIDJAN, July 23 Wed Jul 23, 2014 4:37pm EDT

ABIDJAN, July 23 (Reuters) - Burkina Faso telecom company Onatel reported profits of 7.35 billion CFA francs ($15.09 million) in the first half of the year, down from 10.79 billion CFA francs last year, the company said in a statement on Wednesday.

Onatel said the fall in profits was due to a new tax on revenues and a $4 million penalty imposed on the firm by Burkina Faso authorities due to a poor level of service provided.

Revenue was 66.39 billion CFA in the first six months of 2014, up from 61.01 billion the previous year in the same period, it said. ($1 = 487.1900 Central African (CFA) francs) (Reporting by Loucoumane Coulibaly; Editing by David Lewis and Louise Ireland)

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