South Africa’s MTN swings to first-half profit, raises guidance

JOHANNESBURG: Africa’s biggest telecoms operator MTN Group swung to a half-year profit, it said on Monday, as macroeconomic conditions, inflation and foreign exchange rates in key markets showed improved stability.

South Africa-headquartered MTN reported headline earnings per share of 645 cents in the six months to June 30, compared to a headline loss of 256 cents a year earlier.