Business | Telkom may have posted an impressive 22.6% surge in full-year earnings but it came at a cost: At the year ending March 31, the group had 15 296 permanent jobs - down from 17 472 in the year ending March 2018.
Telkom, which runs South Africa’s biggest fixed-line telecom network, said the group had 15 296 permanent jobs on March 31, down from 17 472 in the year ending March 2018 due to voluntary severance packages, voluntary early retirement packages and other layoffs under the country’s labour law.
Some job cuts came from Telkom’s information and communications technology business BCX, where the number of permanent employees fell 13.4% to 5 782 under a cost reduction programme. “We expect the savings from this programme to come through in the next financial year,” Telkom said in its result statement.This morning, shares in Telkom were down 1.43% to R85.22.
Headline earnings per share , the main profit measure in South Africa, came in at 722.4 cents for the year until the end of March compared with 589.3 cents a year earlier.
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