MTN Group’s Nigeria unit is working on restoring its profitability and strengthening its balance sheet through managing costs and tariffs after Africa’s biggest telecoms operator reported a slump in annual profit on Monday.
The drop in group profit was due to a sharp devaluation in the Nigerian naira, which pushed MTN Nigeria, the group’s biggest business, to a loss after tax of 137 billion naira ($101.48 million) and negative equity.
South Africa-headquartered MTN said its headline earnings per share (HEPS) – one of the main profit measures – tumbled by 72.3% to 315 cents for the year ended on December 31, from a restated 1 137 cents a year earlier. Adjusted HEPS declined by 9.5% to 1 203 cents.- moneyweb.co.za