JSE-listed MTN on Monday provided better guidance on its expected loss for the financial year ended December 31, as its Nigerian regulatory fine, foreign exchange losses and charges relating to MTN Zakhele Futhi bites.
In a trading update to shareholders, MTN said a basic headline loss a share of between 74c and 81c and a basic loss a share of between 137c and 151c is expected to be reported when the company publishes its year-end financial results on Thursday.
This was a significant reversal on the headline earnings a share of 746c and earnings a share of 1 109c reported in the prior year.
The results for the year under review had been impacted by the Nigerian regulatory fine, which shaved 455c from MTN’s earnings, while the interest unwind and professional fees related to the penalty sliced a respective 45c and 73c a share from earnings.
The per share impact from foreign exchange losses, hyperinflation and the MTN Zakhele Futhi broad-based black economic empowerment transaction charge amounted to 324c, 37c and 88c respectively.
The group also expects losses from investments in Africa Internet, Middle East Internet and Iran Internet Group to cut some 39c and losses from the Nigeria tower company mostly owing to foreign exchange losses on dollar-denominated loans to impacts earnings by 122c.
Edited by: Creamer Media Reporter
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