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South Africa's MTN swings into first annual loss in 20 years
March 2, 2017 / 5:37 AM / 8 months ago

South Africa's MTN swings into first annual loss in 20 years

JOHANNESBURG, March 2 (Reuters) - Africa’s biggest mobile phone operator MTN Group swung into a loss for the first time in two decades on Thursday, hit by a $1 billion regulatory fine in Nigeria and unfavourable currency swings.

MTN said its headline loss was 77 cents per share in the year to end-December compared with headline earnings of 746 cents per share a year earlier.

The company agreed to pay a fine of 330 billion naira ($1.1 billion), reduced from $5.2 billion, after a prolonged legal battle to end a dispute in Nigeria over unregistered SIM cards. (Reporting by Tiisetso Motsoeneng; Editing by Ed Stoddard)

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