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Telecoms giant MTN [JSE:MTN] expects headline earnings per share for the year ended December 2019 to increase by between 30% and 50%, it said in a trading statement on Tuesday.
It has adopted a new financial reporting system from 1 January 2019, which it expects to result in a 13% downward adjustment, it said.
This also comes as MTN undertakes several major projects, including the introduction of a mobile money service in South Africa with Ubank, and the deepening of its investment in the Nigerian market by over R20 billion, Fin24 previously reported.
The company said it expected headline earnings per share of between 438 cents and 506 cents in 2019, compared with HEPS of 337 cents for the prior financial year. .
Final results would be announced early next month, it added.
The trading statement said HEPS were impacted by non-operational items including costs related to a Nigerian regulatory fine, hyperinflation adjustments, net foreign exchange losses and the impact of divestments made during the year.
On Tuesday afternoon, the MTN share closed up 0.34% at R831.10 per share.
