GTB 737 banner Yudala banner

MTN posts heavy loss

By News Express on 02/03/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 465


 

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 10:10:28 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...
Africa’s largest brewery set for commissioning in Onitsha...

Violence likely in Edo governorship election

We didn’t grill Senator Kwakwanso — APC

Senate celebrates with Nigerian women, tasks FG to...

Pastor sacked for dragging church into MMM mess...

Military dismisses report on alleged Boko Haram defeat...

Anxiety, as Lagos plans another mass demolition of...

Patronage of locally made goods best panacea for...

Police AIG Wilfred Eje Obute dies suddenly at...

AfDB solicits $135bn loan for African MSMEs

Gunmen attack residence of newly appointed UNIJOS VC,...

Deportation of non-indigenes by Lagos: NIGERIA MAY GO...

 

Latest News Nigeria, London and globalisation, By Emmanuel Onwubiko Northern Governors are lazy: Sultan of Sokoto Man goes on trial in America, slammed with 21-count charge over $4bn Bitcoin fraud NUPENG threatens strike over dispute with AMCON Osinbajo disappoints Rivers APC, commissions Wike’s projects Bill Gates regains title as world’s richest person 8 hours after losing it Aisha Buhari identifies obstacle to Vision 2030, SDGs Google to train 10 million Africans in online skills Court rules July 31 in case of lynched Aluu 4 UNIPORT students Senate halts planned concession of Port Harcourt Refinery Delta Govt. moves to tackle flood menace Echoes of Ezu River Police Massacre: How to end torture and extra-judicial killings in Nigeria (Part 3)

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (267,207 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (248,039 views) Shameless Genevieve Nnaji exposes breasts in public (201,995 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (172,775 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (169,788 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (151,514 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (131,106 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (123,713 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (115,545 views) Lagos plane crash: Journalist releases victims’ names (107,575 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (107,238 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (99,847 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (27) Business (2,640) Business Verdict (18) Columnists (717) Complaints & Requests (92) Enterprise & Opportunities (167) Entertainment (345) Features (473) Global Business Monitor (167) International (1,467) Interviews (126) Live Commentary (28) Love Matters (64) News (26,877) Opinion (761) Pidgin (8) Politics (3,824) Religion (582) Sports (1,288) Stock Watch (20) AMA & Al Jazeera Global Update

 

CBN words on marble advert

 

 

Senator Adeleke on the dancing steps in London

 

APO Newsbreak logo

 

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!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

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!