MTN details expected losses in 2016

News Wireless Africa 28 FEB 2017
MTN details expected losses in 2016

African mobile operator MTN said that it expects to report a basic headline loss per share of between ZAR 0.74 and ZAR 0.81 and a basic loss per share of between ZAR 1.37 and ZAR 1.51 for the year 2016. That compares to profits of respectively ZAR 7.46 and ZAR 11.09 in 2015. The group attributed the loss to the regulatory fine in Nigeria for failure to register active Sim cards, which reduced EPS by ZAR 4.55. 

The group said results were also negatively impacted by foreign exchange losses (ZAR 3.24 per share), the interest unwind related to the Nigerian regulatory fine (ZAR 0.45) and the MTN Zakhele Futhi transaction charge (ZAR 0.88). 

Professional fees related to settling the fine also took ZAR 0.73 a share off results, the statement said. In addition, MTN cited losses on investments in Africa Internet Holdings, Middle East Internet Holdings and Iran Internet Group (ZAR 0.39), hyperinflation (ZAR 0.37) and losses from the Nigeria tower company (ZAR 1.22).

The full results will be reported 2 March.  

Categories:

Mobile

Companies:

MTN,  MTN Nigeria

Regions:

Africa

Tags:

Financial figures, Wireless

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