JOHANNESBURG, South Africa -- The MTN Group is pleased to report a solid set of results for the six-month period ended 30 September 2005.

Adjusted headline earnings per share (EPS) increased by 30.8% to 222.5 cents (30 September 2004: restated 170.1 cents). Revenue increased by 25.2% to R17.2 billion (30 September 2004: R13.7 billion), excluding the revenue contributed by the new acquisitions, revenue increased by 22.3%. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose to R7.2 billion (30 September 2004: restated R5.6 billion) and adjusted profit after tax (PAT) to R4.2 billion (30 September 2004: restated R3.2 billion) was recorded. These reflected increases of 27.6% and 30.8% in EBITDA and PAT, respectively, compared to the six months to 30 September 2004.

Says Phuthuma Nhleko, MTN Group CEO: "We are satisfied with our performance and progress during the period under review. The MTN Group has entered a new growth phase, having maintained shareholder value and secured three new operations."

During this reporting period, the MTN Group successfully concluded acquisitions in Cote d'Ivoire (51%), Zambia (100%) and Botswana (44%) in line with its strategy of consolidating its position as the leading provider of telecommunications in emerging markets. The investment in Mascom of Botswana is currently accounted for as an associate, and as such the subscribers have been included in the Group subscriber numbers.

As at 30 September 2005, the new operations (including Botswana) added 1 468 000 subscribers, being 7% of the Group's 20.6 million subscribers. The full financial impact is not reflected as the acquisitions are not accounted for on the full reporting period.

The overall contribution by the operations other than South Africa increased to 43% of revenue, 55% of EBITDA and 112.8 cents of adjusted headline EPS. As a significant proportion of the Group's revenue and profits is generated outside South Africa, the fluctuation of the functional currencies of our international operations against the rand continues to affect the Group's consolidated results.

Of most relative importance is the Nigerian naira, which has remained relatively stable against the rand during the six months under review compared with the average rate for the comparative period in the previous year.

As the market matures, MTN South Africa continued to record good growth with a revenue increase of 19.2% to R9.8 billion. MTN Nigeria's revenue growth of 28.7% to R5.9 billion was achieved despite the negative affects of the highly competitive tariff environment.

EBITDA increased by 27.6% to R7.2 billion and because of the increased contribution by the international operations, the Group's EBITDA margin increased from 40.1% to 41.7%. MTN South Africa maintained an EBITDA margin of 32.7%, consistent with that of the same period in the previous financial year. MTN Nigeria continued to deliver a strong 52.2% EBITDA margin, with the remaining international operations, excluding new investments, recording EBITDA margins of between 46% and 54%.

Mobile Telephone Networks (MTN)