MTN shares nosedive on profit warning

Mergers, Acquisitions and Financial Results

Johannesburg - Nigeria’s mega fine on mobile network MTN is still weighing on the company as it warned of forthcoming losses on Tuesday.

MTN told shareholders on Tuesday that it “expects to report negative basic headline earnings per share (HEPS) and basic earnings per share (EPS)” for the six months ended June 30.

For the previous comparable period, MTN reported HEPS of 654 cents and EPS of 653 cents.

The fall in earnings comes amid MTN having agreed to pay a 330 billion naira (R24.94bn) fine to the Nigerian government for its failure to register five million subscribers.

Amid the warning on Tuesday, MTN shares fell over 2% to R137.80 at 09:49 in Johannesburg.
Read the full story here: 
Source: Fin24