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N330bn fine: MTN expects negative earnings per share

By on July 21, 2016

The MTN Group on Tuesday said that a poor financial performance in Nigeria, as well as the N330bn fine imposed on it by the Federal Government would push its headline earnings per share into red.

According to the telecommunications firm, it is likely to report negative basic headline earnings per share and basic earnings per share for its half-year results for 2016.

The company said that the expected decline in the HEPS and EPS “is primarily because of the regulatory fine imposed on MTN Nigeria, following a resolution with the Federal Government of Nigeria on June 10, 2016.”

It also said that foreign exchange losses in a number of operations, losses from joint ventures and associates, and hyperinflation adjustments on MTN Irancell were also expected to have a negative impact on the HEPS and EPS for the half-year.

It stated, “The results are further expected to be negatively impacted by the under-performance of MTN Nigeria and MTN South Africa.”