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MTN reports 1st annual losses in years

by adminV

Africa’s giant telecommunications group Mobile Telephoning Network (MTN)  has announced full-year losses in 2016, its first in two decades   driven by a $1.1 billion Nigerian fine and damaging foreign exchange rates.
A statement to shareholders on Thursday put MTN’s losses at 147 billion rand ($108 million).

Though its subscribers increased by 7.7 million to 240 million, MTN called 2016 the most challenging in its 22-year history.
It blamed last year’s losses on a $1.1 billion fine in Nigeria for having 5.2 million active but unregistered SIM cards.

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