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MTN Group H1 revenue up 11% to ZAR 73 bln
2014-08-07 09:36:00| Telecompaper Headlines
(Telecompaper) MTN Group posted a 10.7 percent increase in revenue for the first half to ZAR 72.76 billion, as growth in smaller countries helped offset a cut to interconnection rates in its home market South Africa and a temporary sales ban in Nigeria. Good growth was experienced in data and MTN Mobile Money usage, but voice revenue continued to be impacted by aggressive competition, regulatory pressures and a weakening economic environment in key markets, the mobile operator said. Subscribers rose 3.5 percent from a year earlier to 215 million at the end of June. EBITDA increased by 19.6 percent to ZAR 33.66 billion, excluding the profit on tower sales, and the EBITDA margin expanded by 3.5 percentage points to 46.3 percent, driven by cost-containment initiatives. Distribution costs, inclusive of commissions, service provider discounts and marketing costs were significantly reduced, MTN said, while staff costs were lat year-on-year. Depreciation increased by 20.7 percent as a result of the accelerated capex roll-out in the second half of 2013, particularly in Nigeria and South Africa. Amortisation costs increased by 22.1 percent, driven by increased spending on software in Nigeria, Ghana and Uganda. Basic headline earnings per share still increased by 9.0 percent to ZAR 7.29.
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Category:Telecommunications