Telkom to report H1 earnings drop on job-shedding package payouts
Telecommunications group Telkom on Monday said its normalised earnings for the six-month period to September 30 would be higher than that of the prior comparable period, but the inclusion of items not part of normal business operations would lead to a decline in reported earnings.
A R234-million after-tax provision related to retrenchment and voluntary severance and retirement packages during the half-year under review, as well as a R2-billion net curtailment gain recognised in the prior period, would result in a 55% to 65% decline in the JSE-listed group’s reported basic earnings per share (EPS), compared with the reported 566.2c apiece recorded in the corresponding six months last year.
The reported headline earning per share (HEPS) were set to be 60% to 70% lower than the 649.8c delivered in the six months to September 2013.
However, lower termination rate payments to mobile operators, lower asset impairments and write-offs and a decrease in expenses relating to the post-retirement medical aid liability, owing to the curtailment and settlement of part of the liability in the prior period, would lead to higher normalised earnings for the half-year under review.
Telkom expected an 80% to 90% rise on the normalised EPS of 140.6c reported in the prior corresponding period, and a 10% to 20% rise on the normalised HEPS of 224.2c recorded during the same period.
The higher earnings were partially offset by lower foreign exchange gains and higher taxation.
Telkom expected to publish its results for the six months ended September 30 on November 17.
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