MTN Group’s SA business reported lower margins in the first half of 2019 after being forced to write off as much as R393m owed by struggling rival Cell C for network roaming services.
The mobile operator said it had not recognised revenue of R393m it was owed by Cell C for the period.The operators said earlier this week they were broadening their roaming agreement, which took effect from October 2018. Cell C, which has struggled to make consistent profits since it became SA’s third mobile operator in 2001, is grappling with a hefty debt burden.
MTN said service revenue in SA increased by 3.3%, but earnings before interest, tax, depreciation and amortisation grew by just 0.2% to R7.5bn as margins fell.The group added 7.7-million subscribers in the period, taking its subscriber base to 240-million.
Belgique Dernières Nouvelles, Belgique Actualités
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