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MTN updates trading statement

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MTN advises that it will report increased earnings in a trading statement for the six months ended 30 June 2017, released today.

The company advises shareholders that it expects to report interim 2017 basic headline earnings per share of between 210 cents and 230 cents and basic earnings per share of between 280 cents and 300 cents.

This compares with a headline loss per share of 271 cents and attributable loss per share of 301 cents reported in the prior comparable period.

MTN states that the negative performance in the prior comparable period was mainly as a result of non-recurring costs, including the Nigeria regulatory fine of 474 cents per share which was fully expensed in prior periods, professional fees related to the fine of 73 cps and losses of 136 cps from MTN’s 51% equity interest in Nigeria Tower InterCo.

These losses arose mainly as a result of unrealised losses on US dollar-denominated loans prior to the exercise of the exchange right where MTN exchanged its 51% shares of Nigeria Tower InterCo for an increased equity stake in IHS.