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    Home»News»MTN dips, then recovers, on earnings update

    MTN dips, then recovers, on earnings update

    News By Duncan McLeod5 March 2018
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    Johannesburg-headquartered MTN is Nigeria’s largest telecommunications operator

    MTN shares were trading down more than 3% on Monday morning on the JSE after the telecommunications group told shareholders that its full-year 2017 earnings would be affected by a number of once-off and non-cash items totalling R4.83/share. It later recovered to close up 0.6%.

    MTN, Africa’s largest telecommunications group, said in a statement after markets closed on Friday that it expects to report full-year headline EPS of between R1.70 and R1.90 and basic EPS of between R2.35 and R2.55.

    This compares to a headline loss per share of 77c and attributable loss per share of R1.44 for the 2016 financial year.

    The results for the financial year ended 31 December 2017 were impacted by the stronger rand and weaker currencies in the foreign entities

    “The negative performance in the comparable period was mainly as a result of non-recurring costs, including those related to the Nigerian regulatory fine and losses on MTN’s 51% equity interest in the Nigerian tower company,” it said.

    The adjustments for the financial year ended 31 December 2017 include costs related to the Nigerian regulatory fine (46c, compared to R5 in 2016), hyperinflation adjustments excluding impairments (96c, from 37c), net foreign exchange losses (R1.59, from R2.35), a Zakhele Futhi share-based payment expense (24c, from 88c) and a loss on the “derecognition” of a loan to an IHS tower subsidiary (R1.58, from 0c in 2016).

    “The results for the financial year ended 31 December 2017 were impacted by the stronger rand and weaker currencies in the foreign entities,” MTN said.

    The group is expected to publish its full-year results before markets open on Thursday, 8 March.

    In the past year, MTN’s shares have fallen by 3.4%. Over five years, they have lost 33.7% of their value. — (c) 2018 NewsCentral Media

    MTN top Zakhele Futhi
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