MTN Q1 performance muted on ongoing macroenvironment challenges

JSE-listed MTN on Tuesday posted a dip in service revenue and earnings during the first quarter of the year, amid ongoing high inflation and local currency devaluations in some of its key markets. The group reported a 28.7% contraction in earnings before interest, taxes, depreciation and amortisation (Ebitda) from R24.27-billion in the first quarter of 2023 to R17.3-billion in the first quarter of 2024.