MTN Group Ltd. Nigeria sales declined 6 percent in the four months through April, the Johannesburg-based company said in a statement on Wednesday.
Growth slowed as Nigerian regulators withdrew services and ordered the disconnection of customers in the phone company’s biggest market.
“We expect the group’s performance to be impacted by the weak macro environment in key markets as well as by tough competition,” Chairman Phuthuma Nhleko said.
MTN’s business in Nigeria came under pressure last year as regulators withdrew services and levied a record $3.9 billion fine on the company for missing a deadline to disconnect subscribers.
The stock is down about 31 percent since the penalty was made public in October.