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Saturday, August 6, 2016

MTN Records A First Ever Loss After NCC Regulatory Fine

Telecommunications giants, MTN has recorded a first ever "half yearly" loss.
This is happening in the wake of their incurred and paid fine of $1 billion which translates as a whopping N330 billion to the NCC (Nigeria Communication Commission).
MTN Group Limited has cut investor payouts by almost 50% (Fifty percent) which is quite a big financial blow.

MTN in an official statement in Johannesburg attributed the massive
loss to the NCC's regulatory fine which was levied in October after MTN missed a deadline to disconnect unregistered subscribers - the subsequent loss of customers  further hurt MTN's operations in Nigeria.

According to MTN, the paid NCC's fine which is a third of the proposed initial penalty, wiped a massive 10.5 billion rand ($768 million) from their headline earnings.

MTN further mentioned that the unfavourable currency swings, underperformance in its home market (South Africa) and in Nigeria where it had to cut off another 4.5 million SIM cards to comply with local registration requirements affected the profit record.

This is definitely not good times for the telecommunications company.

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