MTN Bounces to Profit in 2017 after Loss from Nigeria Fine

MTN Group, Africa’s biggest mobile-network operator by sales, said it returned to profit in 2017, recovering from a $1 billion fine it paid for its Nigerian business in the prior period.
It expects to report a profit for the 12 months ended December 31, the Johannesburg-based company said in a statement Monday.
That compares with a headline loss of R0.77 a share and an attributable loss of R1.44 rand a share a year earlier, it said.
The company will give more information once it obtains more certainty on the profit range, it said.
MTN is working its way through a tumultuous period triggered by the Nigerian penalty in October 2015.
Originally set at $5.2 billion, the penalty led to the resignation of the CEO and months of negotiations before it was eventually settled.


Be the first to comment

Leave a Reply

Your email address will not be published.