Telkom beats profit expectations in year to end-March
Telkom’s shares rose as much as 13.6% to R98.20 on Monday after the partially state-owned telecoms group reported better-than-expected annual earnings thanks to strong growth from its mobile business.
Telkom said mobile service revenue surged 58.3% thanks to 85.9% growth in active subscribers, to 9.7-million customers. US bank JPMorgan said in a report last week Telkom would probably take six percentage points of mobile market share from its rivals over the next three years.It aims to build 2,000 new towers over the next three years, “underpinned by Telkom Mobile’s demand for new sites”. The company has 6,500 towers in SA currently.
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