MTN earn­ings miss es­ti­mates on net­work spend

The Pak Banker - - 6BUSINESS -

MTN Group Ltd. (MTN), Africa’s largest mo­bile-phone op­er­a­tor, re­ported ful­lyear earn­ings that missed an­a­lysts’ es­ti­mates, weighed down by for­eignex­change losses and in­creased spend­ing on net­works. Ad­justed earn­ings per share climbed to 10.89 rand from 10.69 rand a year ear­lier, Jo­han­nes­burg-based MTN said to­day in a state­ment. That missed the 11.67 rand me­dian es­ti­mate of 12 an­a­lysts sur­veyed by Bloomberg. Ex­change-rate moves, in­clud­ing the de­cline of the Syr­ian pound, Ira­nian rial and Su­danese pound against the rand curbed ad­justed earn­ings per share by 1.79 rand, ac­cord­ing to MTN, which op­er­ates in 22 African and Mid­dle East­ern mar­kets. Cap­i­tal spend­ing rose 70 per­cent to 30.1 bil­lion rand ($3.32 bil­lion) as MTN up­graded net­works to han­dle more data traf­fic as con­sumers ac­cess the In­ter­net from mo­bile de­vices.

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