Breaking News
Translate

N1.04trn fine: MTN drops 54% profit in 2015, invests $94m

Kindly Share This Story:

By Prince Osuagwu

South African telecom operator, MTN Group, yesterday, reported a 54.4 percent drop in annual profit for the year ending 31 December 2015. The loss, according to the company, followed the setting aside of nearly 10 billion rand, approximately $643 million, to cover settlement of the N1.04 trillion fine its Nigerian operation incurred for allegedly refusing to deactivate over five million improperly registered subscribers on its network.

The company’s Executive Chairman, Phuthuma Nhleko, said the provision was made on the advice of its auditors, in line with the International Financial Reporting Standards, IFRS.

The telecom company said its headline earnings per share came in at 746 cents in the year to end, compared with 1,536 cents a year earlier.

It alleged that the result was a reflection of the difficult operating environment of the business, particularly in Nigeria, experienced during the period under review.

 

 

Kindly Share This Story:
All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from VANGUARD NEWS.

Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.
Do NOT follow this link or you will be banned from the site!