State owned parastatal TelOne revenue for 2016 has declined by US$23.7 million owing to migration of users from fixed to mobile phones.

According to the financial statement released by the parastatal today, the firm is still burdened by a legacy loan portfolio of US$364 million inherited from the Post and Telecommunications Corporation era which has affected their balance sheet.

Revenue for the year ended 31 December 2016 took a knock by 17 percent to US$114 million owing to voice revenue losses which moved downwards from US$97 million in 2015 to US$73 million last year.

Huge debts by government departments have also pulled down the profitability of the parastatal according to the managing director, Mrs Chipo Mutasa.

Although posting disappointing statistics on revenue, government says it appreciates that the pull factors that have led to losses at the parastatal while stating that it will be looking at ways to recover the debts owed by departments.

TelOne however remains optimistic of improved performance in revenue within the next 2 years which will be boosted as more customers harness the broadband  services once the national broad band project which is expected to be finalised  by the first half of next year is completed.