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Johannesburg - MTN Group [JSE:MTN], Africa’s largest cellphone operator, posted a 43% increase in full-year earnings on Wednesday, after
last year’s results were hit by costs from a black empowerment share scheme.
MTN restated its results from the previous year, lowering
them by nearly 18% to account for the costs of a 2010 share scheme to increase
ownership among black investors.
Adjusted headline earnings for the year to end-December
totalled 1 070 cents compared with the restated 747 cents per share. Last
year’s number was changed from 909.1c.
MTN has operations in 21 countries, with most of its revenue
coming from South Africa, Ghana, Nigeria and Iran.
Revenue rose nearly 10% to R121.9bn, while total users
increased 16.2% to 164.5 million.
Rival Vodacom Group [JSE:VOD] reported a 12% jump in third-quarter sales
last month, underpinned by a growing customer base and data business.
MTN is facing a lawsuit in a US court from rival Turkcell
over its licence in Iran.
The leading Turkish mobile firm has accused MTN of backing
Tehran’s nuclear programme and aiding its military when the Johannesburg-based
firm was bidding for a telephone licence in Iran.
MTN owns 49% of local unit Irancell, which accounts for
about 32 million of its subscribers and nearly 10% of its revenue.
Shares of the company are down nearly 6% so far this year, underperforming a 4% rise in Johannesburg’s Top 40 - (Tradeable) [JSE:J200] index.
