MTN reports 42% jump in sales

Pan-African cellular operator MTN has reported a 42% jump in revenues for 2007 to ZAR73.1 billion (USD10.3 billion). Earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 42% to ZAR31.8 billion, though increased finance charges and a higher tax charge saw net profits fall from ZAR12.1 billion in 2006 to ZAR11.9 billion last year. The MTN group recorded 61.4 million subscribers at 31 December 2007, a 53% increase from 40.2 million at end-December 2006. The total includes 14.8 million customers in its domestic market of South Africa and 16.5 million in Nigeria. Average revenues per user have declined across most of MTN’s operations following increases in lower usage pre-paid customer numbers.