MTNOY MTN Group Ltd (PK)

By Kyle Morris

MTN Group Ltd. said Thursday that earnings rose in the first quarter despite difficult market conditions and that it backed its expectations for the full year.

The South Africa-based telecommunications group said earnings before interest, taxes, depreciation and amortization for the quarter were 24.26 billion South African rand ($1.29 billion) compared with ZAR22.35 billion a year before.

Group service revenue was ZAR52.83 billion compared with ZAR45.70 billion.

Voice revenue grew 6.6%, data revenue was up 26.9%, total subscribers increased by 5.2% to 290.6 million and active data subscribers rose by 11.9% to 140.4 million.

The process to exit Afghanistan remains on track, it said.

Capex guidance was maintained for 2023 at ZAR37.4 billion.

Write to Kyle Morris at kyle.morris@dowjones.com

(END) Dow Jones Newswires

May 11, 2023 03:28 ET (07:28 GMT)

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