<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>

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