MTN expects earnings drop

MTN has issued a trading statement reporting that it expects headline earnings to drop for the six months ending June 2015.

The group said that expects a decrease of between 10% and 15% (between 656 cents and 620 cents) in basic headline earnings per share, and a decrease of between 10% and 15% (between 658 cents and 621 cents) in attributable earnings per share.

This is compared compared to the previously reported HEPS and EPS of 729 cents and 731 cents per share, respectively, for the same period in 2014.

MTN said that adverse exchange rate (and cross rate) movements have impacted both the rate at which revenues and EBITDA were translated, as well as resulting in increased forex losses when compared to last year.

The group’s results for the half year period will be announced on Wednesday 5 August 2015.

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MTN expects earnings drop