{"id":160557,"date":"2017-02-27T10:11:17","date_gmt":"2017-02-27T08:11:17","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=160557"},"modified":"2017-02-27T10:11:17","modified_gmt":"2017-02-27T08:11:17","slug":"nigeria-lawyers-and-the-rand-mtn-explains-its-losses","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/160557\/nigeria-lawyers-and-the-rand-mtn-explains-its-losses\/","title":{"rendered":"Nigeria, lawyers and the rand &#8211; MTN explains its losses"},"content":{"rendered":"<p>MTN has detailed why it is set to report a\u00a0headline loss for its 2016 financial year.<\/p>\n<p>In a trading update published on Monday (27 February), MTN said it expects to post a basic headline loss per share of between 74 cents and 81 cents and a basic loss per share of between 137 cents and 151 cents, for the full year ended December 2016.<\/p>\n<p>In the prior year comparable period MTN reported headline earnings per share of 746 cents and earnings per share of 1,109cents.<\/p>\n<p>The telco group attributed the bulk of its losses to the Nigerian regulatory fine imposed on the group following a fallout with the country&#8217;s security authorities, which had a<strong> 455 cents per share<\/strong> (cps) negative impact.<\/p>\n<p>In addition, the results were negatively impacted by the following:<\/p>\n<ul>\n<li>Foreign exchange losses &#8211;<strong> 324 cps;<\/strong><\/li>\n<li>The \u2018interest unwind\u2019 related to the Nigerian regulatory fine &#8211; <strong>45 cps;<\/strong><\/li>\n<li>The MTN Zakhele Futhi BBBBEE transaction charge &#8211; <strong>88 cps;<\/strong><\/li>\n<li>Professional fees related to the settlement of the Nigerian regulatory fine\u00a0&#8211; <strong>73 cps;<\/strong><\/li>\n<li>Losses from our investments in Digital Group being mainly Africa Internet Holdings (AIH), Middle East Internet Holdings (MEIH) and Iran Internet Group (IIG) &#8211; <strong>39 cps;<\/strong><\/li>\n<li>Hyperinflation impact\u00a0&#8211; <strong>37 cps;<\/strong> and<\/li>\n<li>Losses from the Nigeria tower company mainly as a result of foreign exchange losses on US dollar denominated loans &#8211; <strong>122 cps;\u00a0<\/strong><\/li>\n<\/ul>\n<p>MTN&#8217;s\u00a0financial results for the year ended 31 December will be announced on Thursday, 2 March 2017.<\/p>\n<hr \/>\n<p><strong>Read:\u00a0<a title=\"Permalink to MTN calls for calm over alleged xenophobic attacks in Nigeria and SA\" href=\"https:\/\/businesstech.co.za\/news\/business\/160011\/mtn-calls-for-calm-over-alleged-xenophobic-attacks-in-nigeria-and-sa\/\" rel=\"bookmark\">MTN calls for calm over alleged xenophobic attacks in Nigeria and SA<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>MTN has detailed why it will be reporting a headline loss for its 2016 financial year.<\/p>\n","protected":false},"author":10,"featured_media":111099,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872,11121],"tags":[25],"class_list":["post-160557","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-finance","tag-active"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/160557","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=160557"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/160557\/revisions"}],"predecessor-version":[{"id":160563,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/160557\/revisions\/160563"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/111099"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=160557"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=160557"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=160557"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}