MTN’s interim revenue plunges
CEO Rob Shuter says macroeconomic conditions remain challenging, with Nigeria experiencing a weaker naira and hard currency liquidity challenges
MTN suffered a 19% plunge in interim revenue to R64bn for the six months to end-June from R79bn, its interim results released on Thursday morning showed.MTN appears to have tried to gloss over this, saying that "group revenue in constant currency grew by 6.7%* to R64bn, underpinned by 10.8%* growth in revenue in Nigeria and a 5.2% (on an organic basis) improvement in service revenue growth in SA".The asterisks appear to flag that revenue comparisons have not been done in rand, but naira and other African currencies, which provides a more flattering picture. The company’s biggest region, West and Central Africa (WECA), which includes its largest market Nigeria, suffered a 28% drop in revenue to R33.3bn when measured in rand."Macroeconomic conditions remain challenging across a number of our markets, with Nigeria continuing to experience a weaker naira as well as hard currency liquidity challenges," CEO Rob Shuter said in the results statement."Although SA entered a technical recessio...
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