MTNOY MTN Group Ltd (PK)

By Tapan Panchal

LONDON--MTN Group Ltd. (MTN.JO), Africa's largest telecommunications company, Wednesday reported 15% year-on-year growth in revenue for the first four months of 2016, but said full-year performance is expected to be affected by weak conditions in key trading markets and tough competition.

The Johannesburg, South Africa-based telecom giant attributed the strong rise in revenue to a drop in average South African rand exchange rates against the Nigerian naira and U.S. dollar. Organic revenue in the four-month period rose only 1%, impacted by lower revenue growth in Nigeria, Uganda and Cameroon.

MTN's subscriber base rose by around 1% in the period to 230.3 million. The lower growth was a result of the company's drive to de-register non-compliant subscribers in Nigeria and Uganda.

Write to Tapan Panchal at tapan.panchal@wsj.com

(END) Dow Jones Newswires

May 25, 2016 04:01 ET (08:01 GMT)

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