AIRLINK 62.16 Decreased By ▼ -0.32 (-0.51%)
BOP 5.34 Decreased By ▼ -0.02 (-0.37%)
CNERGY 4.50 Decreased By ▼ -0.08 (-1.75%)
DFML 15.50 No Change ▼ 0.00 (0%)
DGKC 65.88 Decreased By ▼ -0.52 (-0.78%)
FCCL 17.50 Decreased By ▼ -0.09 (-0.51%)
FFBL 27.75 Increased By ▲ 0.05 (0.18%)
FFL 9.18 Decreased By ▼ -0.09 (-0.97%)
GGL 10.10 Increased By ▲ 0.04 (0.4%)
HBL 105.70 No Change ▼ 0.00 (0%)
HUBC 122.00 Decreased By ▼ -0.30 (-0.25%)
HUMNL 6.58 Decreased By ▼ -0.02 (-0.3%)
KEL 4.50 No Change ▼ 0.00 (0%)
KOSM 4.41 Decreased By ▼ -0.07 (-1.56%)
MLCF 35.86 Decreased By ▼ -0.34 (-0.94%)
OGDC 122.70 Decreased By ▼ -0.22 (-0.18%)
PAEL 23.09 Increased By ▲ 0.09 (0.39%)
PIAA 31.01 Increased By ▲ 1.67 (5.69%)
PIBTL 5.85 Increased By ▲ 0.05 (0.86%)
PPL 107.40 Decreased By ▼ -0.10 (-0.09%)
PRL 27.32 Increased By ▲ 0.07 (0.26%)
PTC 17.65 Decreased By ▼ -0.42 (-2.32%)
SEARL 52.89 Decreased By ▼ -0.11 (-0.21%)
SNGP 62.70 Decreased By ▼ -0.51 (-0.81%)
SSGC 10.73 Decreased By ▼ -0.07 (-0.65%)
TELE 9.09 Decreased By ▼ -0.11 (-1.2%)
TPLP 11.60 Increased By ▲ 0.16 (1.4%)
TRG 71.25 Increased By ▲ 0.39 (0.55%)
UNITY 23.71 Increased By ▲ 0.09 (0.38%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,938 Decreased By -5.8 (-0.08%)
BR30 22,795 Decreased By -32.1 (-0.14%)
KSE100 67,059 Decreased By -82.7 (-0.12%)
KSE30 22,049 Decreased By -41.2 (-0.19%)

JOHANNESBURG: MTN Group Ltd raised 2.1 billion rand ($140.24 million) from asset sales in the first half of this year as part of a divestment plan to simplify its portfolio, Africa's largest mobile network by subscribers said on Thursday after reporting a 9.3% fall in earnings.

MTN is in the middle of reviewing its presence in some markets alongside investments in e-commerce platforms as part of a plan to streamline the company into a focused operator in high-growth markets in the Middle East and Africa.

In March, it announced a 15 billion rand divestment programme over the next three years that will also reduce risk and improve returns.

In the first half to June it sold its shareholder loan in ATC Ghana to American Tower Corporation for 900 million rand and also sold its interests in investment fund Amadeus and its associated holding in Travelstart for 1.2 billion rand, the firm said in a statement.

"So we're well on track for our 15 billion rand (target) over three years," Group Chief Executive Rob Shuter told reporters in a post-earnings conference call.

Headline earnings per share (HEPS), the main profit measure in South Africa, stood at 195 cents in the six-months through June, compared to 215 cents in June 2018.

HEPS were impacted by the new IFRS 16 accounting standard, Nigeria fine interest, foreign exchange gains and losses, hyperinflation and the depreciation of the Iranian real, which resulted in lower earnings from MTN Irancell, MTN said.

Copyright Reuters, 2019

Comments

Comments are closed.