Aug 20, 2017 Last Updated 10:14 AM, Aug 18, 2017

MTN returns to profit in H1 financial report

MTNABNABN - South Africa’s MTN Group has reported headline earnings of US$294.4 million during H1 2017, as the company recovers from a $1.1 billion regulatory fine.

The latest figures mean Africa’s biggest mobile phone operator has swung back into the black, after the large fine arising from a legal dispute in Nigeria wiped $768 million from its headline earnings over 2016.

"These numbers give us hope for the future. It's a very encouraging platform upon which to build our strategy," said recently appointed chief executive Rob Shuter.

Shuter took the position in March after Sifiso Dabengwa stood down following the Nigeria fine, and is expected to put the company back on a growth path by moving away from basic telecoms services and towards offering a more wide-ranging service.

The former banker will attempt to convince MTN’s 200 million users to use their mobile phones for everything from streaming live sport to paying bills.

@ABNetworkOnline

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