Shares in MTN jumped as much as 10% on Friday, as the telecoms group said it expected a rise in earnings for the full year to December 2020, owing in part to profits made from selling some of its network towers.
In a note to shareholders on Friday, Africa’s largest mobile network operator said it would report an increase in earnings per share of between 75% and 95%, up to 481c higher than the previous comparable period's 506c. Headline earnings per share is expected to rise by up to 70%, higher than the 468c seen previously, which translates to a range of 702c to 796c for the reporting period.said EPS includes impairment losses totalling about 155c related mainly to its businesses in Syria, Yemen, Guinea Bissau, Liberia and BICS.American Tower Company Uganda and Ghana tower joint ventures as announced in March 2020.
By the JSE’s close, MTN had pared gains, with its shares up 5.64% at R69.88. This was their biggest one-day closing gain since mid-December 2020.
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