MTN profits on foreign exchange gain

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MTNStore1 REUTERS Picture: Reuters.

Johannesburg - MTN, Africa’s biggest mobile-phone company, said 2013 earnings per share jumped 25 percent to 30 percent, boosted by a foreign exchange gain of about 1.1 billion rand.

The increase was mainly a result of a 2.3 billion rand currency gain in MTN Mauritius, the Johannesburg-based company said in a statement today.

MTN made a foreign exchange loss of about 2.7 billion rand the previous year.

MTN is the second-biggest provider of mobile phone services to South Africans, lagging behind Vodacom.

It also has operations in more than 20 other countries including Nigeria, Iran and Yemen. - Bloomberg News

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