MTN Group is forecasting its first half profits will rise by 25 per cent, thanks to currency fluctuations in its non-South Africa operations.
The company said it expected headline earnings per share (HEPS) for the six months ended June 30 to rise between 20 and 25 per cent.
Around 70 per cent of MTN operations are conducted outside its Johannesburg base and in a trading statement posted at the close of business yesterday, the company said: “The HEPS for the six month period are positively affected by foreign exchange gains of approximately R1.0 billion (US$100 million) compared to foreign exchange losses of approximately ZAR1.5 billion (US$150 million) in the prior year related to some of the group’s subsidiaries resulting in markedly lower net finance costs.”
MTN Group’s half year results are expected to be announced on Wednesday, August 14.
