South Africa based MTN Group has announced that its first-half revenue rose by 24.2% to R57.3 billion (US$7.3 billion). EBITDA rose 24.8% to R24.5 billion (US$3.1 billion) from June 2008. The Group subscriber base was also up 14% to 103.2 million from December 2008.
Net profit was up by 22.3% to R7.63 billion (US$975 million). However growth in earnings were impacted by functional currency losses of R2.8 billion (June 2008: R0,9 million gain) on shareholder loans, receivables and cash.
Looking ahead the company said that there are some indications that global economic conditions may be starting a slow recovery although many of its markets remain relatively vulnerable at present. Competition across MTN's footprint is likely to continue to increase. Shorter term prospects in South Africa remain challenging, compounded by the impact of new subscriber registration requirements from 1 August 2009.
The company did not offer any new information about its ongoing merger talks with India's Bharti Airtel.