<h4>N131 Billion Loss Unsettles MTN</h4>
<p><strong><a href="https://openlife.ng/">OpenLife Nigeria</a></strong> reports that a monumental loss of N131. 4 billion has unsettled telecommunication giant, MTN.</p>
<p>According to reports the company suffered a foreign exchange loss of N131.4 billion, dragging its profits down, its 2023 second-quarter report has revealed.</p>
<p>The report showed a pre-tax profit falling a whopping 64 per cent to N44.6billion. This took its half-year profits to N200.3 billion compared to N268.6 billion same period in 2022.</p>
<p>The Q2 report also revealed that “MTN recorded revenue of N590.6 billion, representing over 23.3 per cent year-over-year (YoY); gross profit of N393.5 billion.</p>
<p>This represents over 22.9 per cent YoY and operating profits of N214.9 billion, representing 24.3 per cent YoY.</p>
<p>“Pre-tax profits of N44.6 billion; forex losses of N131.4 billion; finance cost of N182 billion, representing over 259 per cent YoY; total debts of N855 billion, compared to N689.6 billion, recorded in December 2022.</p>
<p>Net assets of N258.2 billion, compared to N355.6 billion, recorded in December 2022 and working capital of N588.7 billion.”</p>
<p>In its reaction, MTN averred that the Central Bank of Nigeria’s recent forex policy caused a significant 60 per cent movement in the exchange rate to N756.24 per dollar by the end of June 2023.</p>
<p>The company believed that the liberalization of the forex system and removal of the fuel subsidy will attract foreign capital.</p>
<p>They also believe that it will spur foreign direct investment, and have a net positive impact on their longer-term outlook, despite the fact that the immediate impact led to unrealised currency losses for H1.</p>

Emirates And Air Peace Activate Bilateral Interline Agreement OpenLife Nigeria reports that building on…
Portable Clarifies Relationship Status OpenLife Nigeria reports that Nigerian controversial street-hop star Portable has finally…
Billionaire Businessman And Renowned Nightlife Investor OpenLife Nigeria reports that Nigerian billionaire businessman and…
Anu Paternity Saga Takes New Turn OpenLife Nigeria reports that the ongoing paternity…
Tiwa Savage Crowns Kie Kie the GOAT OpenLife Nigeria reports that award-winning Afrobeats icon…
Married And Widowed At 19 OpenLife Nigeria reports that veteran Nollywood actress Patience…
This website uses cookies.