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    MTN loses $200m‎ in 2016

    South African Telecom Company, MTN, has announced its first loss of 200 million dollars since its inception in Nigeria.

    MTN said it made a loss of 200 million dollars after suffering a huge fine in Nigeria.

    “MTN Group’s financial results for 2016 reflect the most challenging year in the company’s 22-year history,” MTN said in a statement.

    Towards the end of 2016 our two largest operations (South Africa and Nigeria)… began to show signs of a turnaround following an extended period of underperformance”, it said.

    Revenue rose up for the year at 146.9 billion rand ($11.3bn, 10.7 billion euros), the company said.
    The MTN share price on the Johannesburg stock exchange rose five percent after the announcement of the company results compared to the close on Wednesday.

    Source: Daily Post

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