MTN’s share price fell 7% to R110.08 on Thursday morning after it said it expected to report on August 3 that headline earnings per share (HEPS) for the six months to end-June would be between R2.10 and R2.30.

MTN reported a headline loss of R2.71 in the matching period, and investors appear to have been hoping for a stronger rebound.

The loss in the first half of 2016 was mainly due to the fine it received in Nigeria for not identifying subscribers as required by the government’s drive to prevent Boko Haram militants using cellphones to co-ordinate attacks and trade oil for arms.

“The negative performance in the prior comparable period was mainly as a result of nonrecurring costs, including the Nigeria regulatory fine of 474c per share which was fully expensed in prior periods, and professional fees related to the fine of 73c,” the trading statement said.

MTN also incurred losses in the matching period as part of an exchange of its 51% share of Nigeria Tower InterCo for a larger stake in mobile phone tower operator IHS Group.

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