Telekom Networks Malawi (TNM) has issued a trading statement with respect to the year ending 31 December 2012, in which it warns that its net income for 2012 is expected to be approximately 45% to 55% lower than in 2011. Previously, the company said it expected a 20% to 30% decline. The company attributes the fall to foreign exchange losses incurred following the recent devaluation of the Malawi kwacha during the second quarter of the year, coupled with the continued depreciation of the currency during the third and fourth quarters.
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