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Headline : Naira volatility throws MTN Nigeria into N393 billion quarterly loss

Read more from the original article on here at www.premiumtimesng.com.





Tags : #naira #volatility #throws #mtn #nigeria #n393 #billion #quarterly #loss


No. of Paragraph 32

MTN Nigeria incurred a loss within the first quarter of 2023 as the bottom line yielded a negative N393 billion, its financials showed Tuesday upon release.

Like it was at the end of last year, the company’s financial position stayed in the red, with liabilities 12.6 per cent higher than assets this time around.

Shareholders’ fund, which turned negative at the end of last year, soared nearly ten times to N434.7 billion in just three months, heaping pressure on MTN Nigeria to urgently seek additional capital to clean its balance sheet.

The net loss indicates that the Nigerian operation of Africa’s biggest telecom company by revenue and subscriber base is not yet out of the woods after headwinds from exchange rate volatility for most of 2023 left net income and equity in the red last December.

Read more from the original article on here at www.premiumtimesng.com.


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