S.Africa’s Telkom to post up to 50% jump in interim profit on lower depreciation

JOHANNESBURG: South Africa’s Telkom , the country’s third-biggest telecoms operator, said on Wednesday its interim profit could rise by almost 50%, led by lower depreciation and improved performance, sending shares up 7% in early trade.

The company has seen its market value more than halve from the highs of 2021 as it struggled to gain market share dominated by larger rivals Vodacom and MTN.

It booked an impairment of 13 billion rand ($712.12 million) on its legacy copper business last year, pushing profits down by more than three quarters and cancelling dividends.