MTN’s attributable and basic headline earnings per share for the six months ended 30 June 2015 will fall by between 10% and 15%, the telecommunications group warned shareholders on Tuesday.
Although JSE-listed companies are not required to inform shareholders of a change in earnings if the movement is less than 20%, MTN said it decided to publish a voluntary trading statement.
“Adverse exchange rate (and cross-rate) movements impacted both the rate at which revenues and Ebitda were translated as well as resulting in increased forex losses when compared to the prior comparable period,” the group said. Ebitda — short for earnings before interest, tax, depreciation and amortisation — is a measure of operating profit.
MTN’s share price fell sharply shortly after the market opened on Tuesday and by midmorning was trading down by 4,5%. They closed the day down by 6%.
The group is expected to publish its interim financial results on 5 August. — (c) 2015 NewsCentral Media