MTN earnings miss estimates on network spend
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.