MultiChoice records third straight loss, citing Nigerian naira woes

MultiChoice Group Ltd. reported its third straight semi-annual loss, citing foreign exchange woes in Nigeria and incessant blackouts in South Africa. Africa’s biggest pay-TV company posted a net loss of 1.32 billion rand ($72.4 million) for the six months to Sept. 30, MultiChoice said in a filing on Wednesday. Nigeria allowed its currency to trade more freely against the dollar in mid-June, spurring a 40% devaluation. That forced the company to revalue inter-group loans, resulting in foreign exchange losses. Rolling blackouts in South Africa led to a 5% decline in the number of active days per subscriber, adding to the company’s distress. The company’s shares fell 0.6% in Johannesburg at close on Wednesday after plunging as much as 3.6% to a record. MultiChoice plans to relaunch its Showmax streaming service in the second half of its financial year and a sports betting service in South Africa following the success of a similar offering in Nigeria.