SENS Note - 28 August 2008
MTN interim results 30 June 2008
 
Group consolidated revenue increased by 35% to R46.1 billion (2007: R34.2 billion) driven largely by the 53% growth in subscribers since 30 June 2007. The increase in revenue was mainly driven by Nigeria, which increased revenue by 39% to R13.4 billion, and South Africa, which increased revenue by 18% to R15.4 billion when compared to the six-month period ending 30 June 2007. Syria, Ghana and Iran (MTN`s share of 49% only) generated revenues of R2.9 billion, R2.8 billion and R1.9 billion respectively. Group EBITDA increased by 29% to R19.6 billion (2007: R15.2 billion) as a result of strong revenue growth. The group’s total assets increased by 26% to R146 billion compared with R116 billion at 31 December 2007. Property, plant and equipment increased by R10.7 billion from 31 December 2007. Included in this increase is R5.2 billion relating to foreign currency translation movements. Basic earnings per share is 334.6cps (2007: 298.6cps) and headline earnings per share is 339.3cps (2007: 304.2cps).

Dividends
No dividend was declared for the period under review.

Prospects
Given the current developments in the global telephony market, the group’s prospects for the second half of 2008 remain positive in increasingly competitive markets. The major strategic priorities are: actively seeking value-accretive expansion opportunities in emerging markets; ongoing infrastructure investment to ensure appropriate levels of capacity and quality of service; ensuring the group is well positioned to benefit from a rapidly converging technology market; and optimise efficiencies in maintaining and improving competitive position.
 
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