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S.Africa’s MTN sees FY profit up as much as 23 pct

By on March 4, 2011

MTN Group, Africa’s largest mobile phone operator, said it expects full-year earnings to rise by as much as 23 percent.

MTN, which is due to release earnings next week, said in a statement on Friday it expects to reoport a rise of between 18 and 23 percent in adjusted headline earnings per share.

Headline earnings, the main measure of profit in South Africa, exclude certain one-time items.

The company did not give a reason for the expected rise in profit. In the previous year it reported adjusted headline earnings per share of 754.3 cents.

MTN in August reported a 21 percent rise in first-half profit, helped by strong growth in markets such as Nigeria.

MTN has operations in 21 countries, with most of its revenue coming from South Africa, Ghana, Nigeria and Iran.

Shares of the company, which are down about 6 percent so far this year, fell 1.2 percent to 124.25 rand as of 0733 GMT, underperforming a 0.07 percent rise in Johannesburg’s Top-40 index.


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