Naira Plunge Weighs on MTN, Airtel Earnings Amid Forex Pain
- MTN says it incorrectly remeasured trade lines in Nigeria
- Tax tribunal last week issued demand for taxes related to VAT
This article is for subscribers only.
The Naira’s plunge weighed on the earnings of Nigeria’s biggest wireless carriers.
MTN Group Ltd. increased its estimate of unrealized foreign-exchange losses in Nigeria and restated its earnings per share for the six months through June by 13%, while Airtel Africa Plc said its loss of $13 million was “driven largely by foreign-exchange.”