Airtel loses N34.5 billion to Nigeria’s forex policy – The Cable

Bharti Airtel, owners of Airtel Nigeria, have recorded and “exceptional loss” of N34.5 billion ($111.4 million) to Nigeria’s foreign exchange policy.

Its consolidated net profit fell by 31 percent, from to 21.13 billion rupees ($315.1 million) in 2015 to 14.62 billion rupees ($218 million) in the quarter ended June 30.

With about seven percent of its consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) coming from Nigeria, Bharti Airtel says it was largely affected by the Nigerian policy.

“During the quarter, Nigerian Naira devalued by 42.1%, net forex losses of Rs 748 Crore on account of this has been classified under exceptional items,” Airtel said  in its quarterly result.

“Except for Nigeria, stable currencies in most of the geographies resulted in lower forex and derivative losses of Rs 309 crore compared to Rs 797 crore in the corresponding quarter last year.