companies & markets

South Africa’s MTN first- half up 22 pct on currency boost

Wednesday, 14 Aug 2013

MTN said diluted headline earnings per share totalled 649 cents for the six months to end-June, compared with 532 cents last year. Headline EPS, the main profit gauge in South Africa, excludes certain one-time items.

Johannesburg-based MTN flagged earlier this month its results would likely rise by as much as 25 percent.

MTN said it was helped by a 16 percent decline in the rand during the period. The company has 22 operations across Africa and the Middle East.

Group revenue rose 9.8 percent to 65.2 billion rand ($6.53 billion), and subscribers totalled 201.5 million, a 6.5 percent increase.

MTN said it expected to add a total of 21.1 million subscribers for the full year.

Shares are up 10.3 percent this year, broadly in line with the benchmark Top-40 index. ($1 = 9.9813 South African rand) (Reporting by Helen Nyambura-Mwaura; editing by David Dolan)

Credits: Reuters