Telecommunications giant Telkom’s earnings pummelled more than 50%, as it struggled to keep up with competition from its rivals and customers migrated to new technologies. The ‘big six’ network operator delivered its financial results for the six-month period to 30 September 2022, showing a 51.9% fall in headline earnings per share to 137.2 cents per share. Basic earnings per share declined 52.5% to 131.6 cents per share. By 14:35 on Wednesday, Telkom’s share price had fallen 3.66% to R34.49.
Its mobile product mix shifted towards longer post-paid contracts, while the pre-paid surge slowed. The company’s pre-paid subscriber base grew by 10.7% to R15.2 million while the post-paid base increased by 11.7% to R2.9 million. South Africa’s weak economic conditions, which have eroded consumers’ spending power, and the impacts of load shedding have also negatively impacted the company.
Ireland Ireland Latest News, Ireland Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Naspers flags 50% drop in interim earnings amid global downturnThe group says rising cost of living is having an impact on growth expectations and valuations Short it
Source: BDliveSA - 🏆 12. / 63 Read more »