Shell Nigeria Yudala
MTN posts heavy loss

By News Express on 02/03/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 255


 

South African telecoms giant MTN said Thursday that it made a $200 million loss in 2016 – the company’s first – after suffering a huge fine in Nigeria and currency challenges in key markets.

“MTN Group’s financial results for 2016 reflect the most challenging year in the company’s 22-year history,” MTN said in a statement.

Johannesburg-based MTN reported profits of 20.2 billion rand ($1.6 billion) before tax for 2015.

Overall performance was hindered by lower than expected growth in both South Africa and Nigeria – as well as the depreciation of the rand against the dollar and the continued impact of a $1 billion (950 million euros) fine by Nigerian authorities.

Nigerian authorities fined MTN in October 2015 for failing to disconnect unregistered mobile accounts in the country – originally ordering it to pay $1,000 for each improperly registered SIM card.

Abuja had ordered the purge for security reasons, as the country battles Boko Haram Islamists as well as criminality – especially kidnapping for ransom.

The original Nigerian Communications Commission penalty was equal to roughly a quarter of the country’s annual federal budget.

Nigeria, Africa’s most populous country, is MTN’s largest market, where it now has 62 million subscribers out of a total of 233 million – a 1.2 percent increase on 2015.

MTN’s operations in South Africa were hit by technical issues and customer service problems during the year, which also hurt the bottom line, the company said.

“Towards the end of 2016 our two largest operations (South Africa and Nigeria)… began to show signs of a turnaround following an extended period of underperformance.”

Revenue was fractionally up for the year at 146.9 billion rand ($11.3 billion, 10.7 billion euros), the company said.

The MTN share price on the Johannesburg stock exchange rose five percent after the announcement of the company results compared to the close on Wednesday. (AFP)

Source News Express

Posted 02/03/2017 3:10:28 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
Kaduna Chamber of Commerce lauds Airtel for aggressive...

Workers trapped as Christ Chosen Church building collapses...

Akpabio tasks surveyors

Capital market operators urge FG to create forex...

54 perish in Indonesian plane crash

Aziza: We’ve lost a courageous, patriotic son —Utuama...

Nigeria adopts development plan for mining sector, renames...

NLC tasks South African govt. on immigrants’ safety...

Breaking News: Ajegunle wins Lagos Community Games

Ughelli South PDP exco reconciles differences

Hundreds feared killed as herdsmen attack Benue communities...

Boko Haram stones abducted girls to death

 

Latest News South East governors under pressure over $800 million Paris Club refund Senate summons AGF, minister, others over e-passport scandal Okorocha calls for immediate release of Nnamdi Kanu •Also speaks on his quarrel with Biafra activists ‘Snow’ falls in Ekiti Lagos gives ultimatum on Land Use Charge payment Controversy trails Benue Anti-Grazing Bill One million weekend travellers in Dubai subject to laptop ban Fashola, Ambode reconcile, agree to partner on electricity Women farmers lament activities of herdsmen in Enugu Shell sells onshore Gabon oil assets for $587m Okowa markets Delta’s gas resources Edo Govt. to reintroduce teaching of History in public schools

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (234,813 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (213,361 views) Shameless Genevieve Nnaji exposes breasts in public (177,391 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (161,947 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (150,766 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (133,264 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (116,567 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (115,633 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (103,219 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (99,213 views) Lagos plane crash: Journalist releases victims’ names (98,731 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (93,394 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (27) Business (2,497) Business Verdict (14) Columnists (656) Complaints & Requests (82) Enterprise & Opportunities (142) Entertainment (292) Features (409) Global Business Monitor (144) International (1,311) Interviews (116) Live Commentary (28) Love Matters (48) News (22,718) Opinion (663) Pidgin (8) Politics (3,627) Religion (492) Sports (1,245) Stock Watch (15) AMA & Al Jazeera Global Update

 

 

JAMB Sale of 2016/2017 UTME/DE applications

 

CBN Advert

 

Mohammed Anas thanks 'wife and girlfriend' (full interview)

 

APO Newsbreak logo

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!