South Africa's MTN swings to $294 mln H1 profit

11 August 2017

Mergers, Acquisitions and Financial Results

JOHANNESBURG, Aug 3 (Reuters) - MTN Group, Africa's biggest mobile phone operator, returned to first-half profit on Thursday in the absence of one-off charges related to a $1.1 billion Nigerian fine.

Headline earnings totalled 3.9 billion rand ($294.35 million), or 212 cents per share, in the six months ended June, compared with a loss of 4.9 billion rand, or 271 cents per share, a year earlier, said South Africa-based MTN.

Headline EPS is the main profit measure in South Africa and strips out certain one-off items.

MTN agreed to pay the fine, which was reduced from $5.2 billion, in June last year after a prolonged legal battle to end a dispute in Nigeria over missing a deadline to cut off unregistered SIM cards. ($1 = 13.2495 rand)

Source: Reuters