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MTN to cash in on rand weakness

Aug 01 2013 08:44 Reuters
MTN

(Duncan Alfreds, News24)

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Johannesburg -  MTN Group [JSE:MTN], Africa's largest mobile operator, said on Thursday first-half profits likely rose by as much 25%, helped by positive currency swings from its vast operations outside South Africa.

MTN, which draws nearly 70% of its revenue from countries outside South Africa including Nigeria and Iran, said it expects headline earnings per share for the six months to end-June to rise by 20% to 25%.

Headline EPS, the main measure of profit in South Africa, excludes certain one-time items.

The company said it was helped by foreign exchange gains of R1bn compared with losses of R1.5bn a year earlier.

MTN is due to release its results on August 14.

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mtn  |  mobile operators  |  rand

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