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Telkom cuts 13% jobs despite FY profit surge

Telkom, which runs South Africa’s biggest fixed-line telecom network, said its total permanent jobs, as of 31 March, dived to 15,296 from 17,472 in financial year 2018.

Picture: @TelkomZA/Twitter

JOHANNESBURG - Telkom SA cut 13.4% of permanent jobs, the company said on Monday after posting a 22.6% surge in full-year earnings as upbeat performance in its mobile business offset declines in the traditional fixed-line unit.

Telkom, which runs South Africa’s biggest fixed-line telecom network, said its total permanent jobs, as of 31 March, dived to 15,296 from 17,472 in financial year 2018.

Headline earnings per share (HEPS), the main profit measure in South Africa, came in at 722.4 cents for the year through end-March, compared with 589.3 cents a year earlier.

HEPS excludes the impact of voluntary severance packages (VSP), voluntary early retirement packages (VERP) and section 189 cost of R728 million ($50.59 million).

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