Africa

Telecom giant MTN lists 2016 losses from Nigeria fine, forex

African telecommunications giant MTN is warning shareholders to expect big losses due to a $1 billion regulatory fine in Nigeria, damaging foreign exchange rates and a black economic empowerment share offering in South Africa.

A statement Monday from the South Africa-based company says it will announce full-year losses for 2016 on Thursday.

MTN says it expects to post a basic headline loss per share of 74 to 81 South African cents and a basic loss per share of between 137 and 151 cents. That compares to 2015 headline earnings of 746 cents a share and earnings per share of 1,109 cents.

It attributes the biggest loss of 455 cents a share to the fine in Nigeria, its biggest market. MTN Nigeria was fined for having 5.2 million active but unregistered SIM cards.