Iran, Nigeria push MTN into loss-making territory – shares slide

by Anthony Palazzo

MTN Group(Bloomberg) — MTN Group Ltd. declined after saying a fine in Nigeria and currency effects will result in a first-half earnings loss.

The shares fell 2.7 percent to 137.80 rand at 9:49 a.m. in Johannesburg, after dropping as much as 3.8 percent earlier, the most in three weeks.

MTN said the settlement in Nigeria, announced in June, will lower earnings per share by 4.74 rand, while foreign-exchange losses, joint ventures and adjustments for inflation in Iran will further hurt results.

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