“Profit after tax of $31m was impacted by $80m of exceptional derivative and foreign exchange losses (net of tax), arising from the further depreciation in the Nigerian naira during the quarter,” the report obtained by The PUNCH highlighted on Friday.
The telecom operator reported a 19 per cent growth in revenue in constant currency for the first quarter, driven by strong performances in Nigeria and East Africa.
Revenue in Nigeria grew by 33.4 per cent, while East Africa saw a 22.3 per cent increase.
However, revenues from Nigerian operations declined by 16.1 per cent to $1.16m due to currency devaluation.
Mobile services revenue grew by 17.4 per cent, while mobile money revenue was up 28.4 per cent.
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