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MTN earnings up 27.3% to R13.86 [Bizcommunity (South Africa)]
[March 06, 2014]

MTN earnings up 27.3% to R13.86 [Bizcommunity (South Africa)]

(Bizcommunity (South Africa) Via Acquire Media NewsEdge) MTN Group has reported a 27.5% rise in headline earnings per share (HEPS) to R13.86 for the year to December.

Revenue for the period was up 12% to R136.4bn‚ lifted by weakness in the rand exchange rate against a number of currencies in which its businesses operate.

For the year as a whole‚ the rand declined by 18.3% on average against the dollar. On a constant currency basis‚ revenue increased by a more muted 3.1%.

This was largely the result of a 6.1% decline in revenue at MTN South Africa and 5.7% growth to R48.1bn at MTN Nigeria.

The company's Nigerian operation continued to improve its performance during the year‚ but the South African business delivered disappointing results.

MTN said its South African operations showed signs of improved performance in the second half and the executive team was focused on helping this business deliver an improved overall performance in the year ahead.SA operation disappointing Total revenue from South African operations declined 6.1% to R39.7bn. This was affected by a R1.8bn adjustment made to revenue as a result of management reviewing the accounting treatment for handset sales.

MTN said that excluding this adjustment‚ revenue declined by 1.6% mainly a result of lower outgoing voice revenue‚ which was down 8.3% to R19.3bn.

Overall voice revenue contributed three-quarters of total revenue‚ although it continued to face pressure as a result of aggressive price competition and lower mobile termination rates‚ which caused a decrease of 1.8 percentage points in its contribution to overall revenue.

Group data revenue increased from 32.6% to 41.4% generating R20.6bn.

MTN declared a final dividend of R6.65 per share‚ with the total dividend for the year amounting to R10.35 per share.

MTN said it would continue to explore opportunities to expand its product offering outside traditional voice services and expected to increase its presence in the digital market by leveraging technology and maximising the opportunity of low internet penetration in some of its markets.

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