MTN sets aside $600 mln for Nigeria fine, FY profit drops

Mar 03, 2016, 13:45

The pre-paid segment increased by 12.3 percent to 25.3 million subscribers, while the post-paid subscriber base decreased by 3.3 percent to 5.2 million, hurt by low availability of handsets due to a strike earlier in the year. In an effort to achieve an amicable settlement, MTN Nigeria, without prejudice, agreed to withdraw the matter from the Federal High Court.

"The fine imposed on MTN Nigeria and the related process continues to receive extensive attention from the group board", the company said. The uncertainty surrounding the record penalty has wiped nearly a third off the company's share price since it was made public on October 26.

Shittu, according to Reuters, however, said the final decision rests with President Muhammadu Buhari.

VW rejects allegations it didn't give timely info on scandal
VW mentioned one unidentified automaker as having paid a $100 million fine in 2014 after certain violations of USA emissions laws. The devices detect when the vehicle is being tested and switch on instruments to reduce nitrogen oxide emissions.

Africa's biggest cellphone network operator also announced on Thursday a surprise 5.2 percent increase in its dividend to 1,310 cents per share, even though its profits more than halved in what the company described as a "challenging year".

Profit margins have risen at MTN South Africa, with signs that a solid turnaround of the operation, which has had a hard few years, is now under way.

"We have adopted a cautious approach to the dividend outlook, taking into account the interests of shareholders and lenders and the importance of maintaining an investment-grade credit rating", MTN said.

Manchester City fans tear into Pellegrini, players and Txiki after Liverpool loss
They were very angry in a positive way. "We spoke about the final, about this game", he said in a news conference. So if you then play quick and safe and really simple, that's what we did in the second half really good.

MTN South Africa increased its number of subscribers by 9.3 percent to 30.6 million in 2015. "But MTN must have a feel for what is going on with the ongoing negotiations on the fine". "This minimum dividend remains subject to the outcome of the regulatory fine". Data revenue grew by 37,2%, while service revenue - excluding handset sales and other revenue - rose by 7,5%.

"Following the resumption of regulatory services we would anticipate an improved operational performance in 2016".

Africa's biggest wireless phone company is in talks with Nigerian authorities to reduce the $3.9 billion fine imposed previous year for failing to cut off unregistered SIM card users.

Woman Arrested Near Russian Train Station Carrying Child's Severed Head
In memory of the little girl who was killed, Muscovites placed flowers and children's toys outside the subway station Tuesday. Bobokulova was arrested on Monday after witnesses reported seeing an agitated woman with the severed head of a child .