MTN 3Q Revenue Hit By Exchange Rates; But Backs 2017 Guidance

By Ian Walker Features Dow Jones Newswires

MTN Group Ltd. (MTN.JO) reported a 13% fall in third-quarter group revenue on Tuesday, which it blamed on exchange-rate movements, but said it remains on track to meet full-year guidance.

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The South Africa-based multinational mobile telecommunications company added that the key growth drivers of data and digital services performed well with revenue growth of 31% and 19.6% respectively.

In the quarter, the number of subscribers fell 0.7% to 230.2 million, MTN said. The company said that it is continuing to refine its active definitions in Nigeria and that 750,000 users in Uganda had been disconnected due to regulatory SIM registration requirements.

Group capital expenditure for the year to date was 18 billion South African Rand ($1.32 billion).

Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

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October 24, 2017 01:42 ET (05:42 GMT)