MTN expects full-year earnings to drop by 20%
MTN has issued a trading statement warning that it anticipates a 20 percent drop in headline earnings for the full year ending December 2015. The telecoms provider cited the company's performance in Nigeria as the main reason for the decline.
The Nigerian Communication Commission (NCC) fined MTN a figure equivalent to some R71 billion in October 2015 for not disconnecting unregistered SIM cards on its network. Following intense negotiations the fine was decreased by 25 percent.
In light of this, MTN said it is anticipating a decrease of at least 20 percent in basic headline earnings per share. This would equate to a reduction of at least 307 cents for the year ending 31 December 2015, compared to R15.36 the previous year.
MTN will publish its full-year results on 3 March 2016.