South Africa’s Telkom flags 70% fall in annual earnings

JOHANNESBURG: South African telecoms firm Telkom said on Monday its earnings in the year to March may have fallen by as much as 70% due to one-off costs relating to job cuts and the impact of the coronavirus pandemic.

Telkom said it expects headline earnings per share (HEPS), the main profit measure in South Africa, to have tumbled by between 65% and 70% for the full year ended March 31 from 619.2 cents in the previous year.

Partly state-owned Telkom will announce its results on June 22.