MTN to post higher earnings in H1
Telecommunication giant MTN expects an increase in earnings per share (EPS) and stable headline earnings per share (HEPS) for the first half of 2023.
EPS is to increase by between 10% and 20%, or between 45c and 89c, to 490c to 534c for the six-month period ended June 30, 2023, compared with 445c in the corresponding period last year
According to the company, the EPS includes 13c in impairment losses that mainly relate to property, plant and equipment and associates; a 21c impairment loss on remeasurement of disposal groups; and a 3c net profit on the disposal of SA towers and other assets.
The group's HEPS is expected to be between 0% and 10% higher, at between 506c and 557c, for the first half under review, translating to a 0c to 51c increase on the restated 506c HEPS in the prior period.
“The group previously announced in its 2022 financial results that the deferred tax income on the disposal of SA towers of R1.1-billion was not included in the first half of 2022 HEPS reconciliation, but correctly processed within earnings and basic EPS. HEPS reported in the first half of 2022 was consequently restated with a reduction of 61c to 506c,” the company reported in a trading update on Monday.
MTN said HEPS was negatively impacted by some non-operational and one-off items of about 207c for the six-month period under review, including 38c for hyperinflation excluding impairments; foreign exchange losses of 169c and an IFRS 2 charge arising from the MTN Ghana localisation transaction of 0c.
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