MTN Raises Full-Year Profits Expectation on Currency Gains

South Africa's MTN has issued a trading statement after it decided that it is likely to report a 29-34 percent rise in full-year adjusted headline earnings per share. The firm is finalising its full year financials for release on 12th March and is required to alert the stock exchange if the results differ by more than 20% from prior guidance.

Shareholders are also advised that the above earnings numbers are further enhanced by the unrealised foreign exchange gains on loans to certain operations and that the actual effective tax rate is expected to be higher than originally anticipated.

The trading statement has neither been reviewed nor reported on by MTN`s external auditors.

The share price jumped 3% on the news.

Posted to the site on 23rd February 2009