MTN Nigeria Communications Performance Hit by FX Headwinds [MarketWatch]
MTN GROUP LTD S/ADR (MTNOY)
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Source: MarketWatch
second half of 2023, which translated into higher operating and net finance costs and foreign exchange losses. The company--a subsidiary of MTN Group--said Friday that its 2023 reported loss after tax was 137.0 billion naira ($85 million) compared with a restated profit after tax of NGN348.7 billion in 2022. MTN Nigeria said this resulted in negative retained earnings and total equity at the end of December 2023 of NGN208.0 billion and NGN40.8 billion, respectively. Advertisement The company said that a review by parent company MTN on the effects of the naira's depreciation on its financials noted that tower lease costs were treated as naira-based and only took into account realized foreign exchange losses as invoice payments were made. The company said it should have recorded unrealized foreign exchange losses from the remeasurement of outstanding lease liabilities using the spot exchange rate ruling at the end of each reporting period. Because of this, MTN Nigeria's results
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