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MTN’s plan to halt plummeting profits

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MTN,MTN Group,MTN South Africa

Much of the 83% decline in profits is due to no fault on MTN’s part, but a drastic devaluation of the Nigerian Naira.

MTN plans to reduce its exposure to US dollar debt and diversify the currencies in which it buys IT and networking equipment to arrest the big plummet in profits recorded during its last financial year.

That resulted in a liquidity problem for companies who wished to sell nairas for other currencies — like MTN. The currency was subjected to more regular devaluations to match movements in the open market, with MTN still forced to trade at a disadvantage.

MTN MTN Group MTN South Africa Naira Nigeria US Dollar Business Telecoms

 

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