MTN has grown its subscriber base by 7,5% in the six months to the end of June 2011. The emerging markets telecommunications group now has 152,3m active customers across the 21 countries in which it operates.
The group has also hiked its interim dividend to 273c/share on strong free cash flow that grew 23,7% to R19,5bn.
Capital expenditure for the period was R5,7bn, 32,8% lower than the same six-month period a year ago as a result of delays in the roll-out of “certain capital expenditure projects and a R603m currency impact”.
“We expect to step up the pace of roll-out in the second half of the year to make up for the delays,” MTN says.
In the latest six-month period, MTN hiked sales by 9,4% on a constant-currency basis (1% with currency fluctuations factored in, to R56,5bn) and enjoyed a 1,3 percentage point expansion in earnings before interest, tax, depreciation and amortization to 44,6%, buoyed by the profit from the sale of towers in Ghana.
The SA and Iranian operations grew sales by 5,9% and 12,1% respectively. However, this was offset by negative growth in Ghana and Syria and no growth in MTN’s largest market, Nigeria. Local currency growth in Nigeria, Ghana and Iran increased by “a healthy” 13,1%, 11,9% and 28,2% respectively, “despite increased competition”.
Group data revenues excluding SMS rose by 24,1% to R3,6bn (almost R7bn with SMS). — Staff reporter, TechCentral
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