On Thursday, 2nd March 2017, South African telecoms giant MTN announced that it made a loss of $200 million in 2016. This is the company’s first loss ever following the suffering of a huge fine in Nigeria and currency challenges in key markets.
“MTN Group’s financial results for 2016 reflect the most challenging year in the company’s 22-year history,” MTN said in a statement.
However, MTN’s overall performance was hindered by lower than expected growth in both South Africa and Nigeria as well as the depreciation of the rand against the dollar and the continued impact of a $1 billion fine by Nigerian authorities.
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