• 10 tips to find bargains

    Susan Erasmus gives advice on how bargain hunters can get the most bang for their buck.

  • Inside Labour

    Labour's bitter breaches need to be seen in historical context, says Terry Bell.

  • Rich getting richer

    Economists differ on how to tackle the chasm between rich and poor, says Leopold Scholtz.

Loading...
See More

Growth in Iran, Ghana boosts MTN

Aug 08 2012 08:50 Reuters

Company Data

MTN GROUP LIMITED [JSE:MTN]

Last traded 240
Change 9
% Change 4
Cumulative volume 7559486
Market cap 0

Last Updated: 24-04-2015 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

SA suspends ambassador linked to MTN

SA envoy in Iran probed over MTN

MTN asks court to throw out Turkcell suit

MTN's Iran accusations

MTN 'was warned' over Iran

MTN’s Liberia partner: Collusion claims

 

Johannesburg - MTN Group [JSE:MTN], Africa’s largest mobile operator, reported a 14% increase in first-half profit on Wednesday, as solid growth in South Africa, Iran and Ghana helped it overcome tougher competition its key Nigerian market.

Johannesburg-based MTN said adjusted headline earnings per share totalled 537.4 cents for the six months to end-June, compared with 470.1 cents last year.

MTN, which does business across Africa and in parts of the Middle East, said revenue in the six months to end-June totalled R66.43bn, compared with R56.5bn in the same period last year.    

Group subscribers increased by 7% to 176 million. 

The company is embroiled in a scandal over alleged corrupt practices in its bid to win a licence in Iran in 2005. Turkish rival Turkcell, which lost out on the lucrative licence, has sued MTN for $4.2bn the United States.

MTN, which has said the case lacks any legal merit, has filed a motion to have the case dismissed.

It said on Wednesday it plans to file its next brief related to the case on August 15, with a decision on the motion to dismiss expected in late 2012 or early 2013.  

MTN has said earlier this year that it had struggled to repatriate profits from its lucrative Iranian business because of Western sanctions.    

The telecoms regulator in Nigeria, its biggest market, fined MTN 360 million naira ($2.23m) along with three other rivals in May for poor quality service.

MTN shares are up 7% this year, underperforming a 10% rise in Johannesburg’s Top 40 - (Tradeable) [JSE:J200] index.


* Follow Fin24 on Facebook, Twitter and Google+.

 
mtn group  |  turkcell  |  iran

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:

SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 
 

Top 10 richest musicians of all time

Check out the gallery to find out who they are!

 
 

Luxury living

Seven of the most expensive children's toys ever made
5 millionaires turned murderers
The youngest billionaires in the world and how they made it
Watch: Flying first class has never been this luxurious!

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

How do you see your boss? He/sheis:

Previous results · Suggest a vote

Loading...