News Column

Telkom Reports Positive Results

June 13, 2014

Savious Kwinika

TELKOM, the South African communications company said turnaround strategies were beginning to yield results.

The company reported its annual results for the year ended 31 March 2014, recording a profit after tax from continuing operations of R1.577 billion.

This excluded the net curtailment gain in respect of the post-retirement medical aid liability and related tax benefit, which is a 5,6 percent increase from the prior period.

Headline earnings per share from continuing operations, excluding once-off items, increased 35,1 percent to 388 cents from the previous year, while basic earnings per share increased to 285,2 cents from 268,5 cents.

"Our efforts to turn Telkom around are starting to produce results. This process will continue to be our focus," said Sipho Maseko, Group Chief Executive Officer at Telkom.

"We have managed to stabilise revenues through significant once-off items, which were carefully considered and form part of our strategic imperative to turn around the business and generate sustainable revenues."

Maseko said the company's objective to further stabilise and grow revenue depends on effectively positioning our resources to drive value and achieving efficiencies across our operating cost base.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: AllAfrica

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters