Telkom takes a massive hit.
Telecommunications group Telkom has warned that it is anticipating a huge blow to its headline earnings for the full year ending 31 March – saying it could even swing into a loss.
On a normalised basis – excluding once-off costs – the picture is slightly better for the group, but the hit to earnings is still severe, with a reduction between 60% and 80%. Telkom said that the board is currently considering an impairment of assets charge in respect of the group’s cash-generating units, namely Openserve, Telkom Consumer, Gyro and BCX, in the amount of approximately R13 billion . This follows Telkom’s strategy to accelerate its migration to newer technologies, it said.
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