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SA MTN sees 2013 earnings rising up to 30% on forex gains

February 23, 2014

South Africa-based telecoms group MTN  said it expects the 2013 earnings per share to be higher by between 25% and 30% y/y thanks to a foreign exchange gain of about ZAR 1.1bn (EUR 72.6mn). The forex gain was mainly a result of a ZAR 2.3bn exchange rate gain in MTN Mauritius, which was partly offset by foreign exchange losses on operational working capital account. In 2012, MTN had a foreign exchange loss of ZAR 2.7bn.

The company is expected to announce its 2013 financial results on March 5.

JSE-listed MTN is the biggest African telecoms group and operates in 22 countries in Africa and the Middle East.

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Source: IntelliNews - Weekly Reports

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