Johannesburg - MTN, Africa’s largest mobile-phone operator, reported full-year earnings that missed analysts’ estimates, weighed down by foreign-exchange losses and increased spending on networks.
Adjusted earnings per share climbed to 10.89 rand ($1.21) from 10.69 rand a year earlier, Johannesburg-based MTN said today in a statement.
That missed the 11.67 rand median estimate of 12 analysts surveyed by Bloomberg.
Exchange-rate moves, including decline of the Syrian pound, Iranian rial and Sudanese pound against the rand curbed adjusted earnings per share 1.79 rand, according to MTN, which operates in 22 African and Middle Eastern markets.
“The year was characterised by the continued global economic slowdown, increasingly competitive mobile markets as well as regulatory and political challenges,” MTN said.
Capital spending rose 70 percent to 30.1 billion rand as MTN upgraded networks to handle more data traffic as consumers seek Internet connections on their mobile devices.
Customers rose 15 percent to 189.3 million, MTN said.
Airtime sales increased 4.8 percent to 21.1 billion rand as the South African business sold 6.7 million prepaid phones and 1.3 million billed phones. - Bloomberg News