MTN cuts Iran and Nigeria targets

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MTN, the biggest mobile phone operator in sub-Saharan Africa, has cut its subscriber targets in Iran and Nigeria.

Analysts said the announcement could indicate that the fast-growing South African firm might have been trying to expand too quickly.

They point to the fact that MTN is also trying to build network in unstable Sudan and Afghanistan.

Meanwhile, the company also unveiled first-half profits in line with market expectations.

'Missing targets'

For Nigeria, MTN has cut its subscriber target to 2.5 million additions by the end of this year from an earlier aim of at least three million.

In Iran, it has reduced its end of the year target from 1.5 million subscribers to one million.

"Subscribers are the issue... they are a growth company and need to be beating expectations, not just hitting them," said Sean Gardiner, telecoms analyst at Morgan Stanley.

MTN said earlier this year that it might bid for a new mobile phone licence in Saudi Arabia next year.

The firm entered the Iranian telecoms marketplace in October last year.