Telkom expects to report triple digit growth in earnings
Telecommunications group Telkom expects to report a 145% to 155% increase in headline earnings a share to between 509.9c and 530.7c for the year ended March 31, 2021.
Basic earnings a share are expected to increase by 300% to 310% to between 484.4c and 496.5c.
Telkom attributes the surge in growth to an anticipated 20% increase in group earnings before interest, taxes, depreciation and amortisation (Ebitda) and a 30.5% to 37.6% reduction in the reported effective tax rate during the year under review.
“The group achieved strong underlying performance, with solid growth in underlying operating profit driven by strong growth in underlying group Ebitda, compared with the prior year. The growth in underlying group Ebitda was underpinned by a robust performance in the mobile business and effective and sustainable cost management,” Telkom said in a trading update.
The mobile business continued its growth trajectory in service revenue while the overall sustainable cost management programme outperformed management’s expectations.
The financial performance includes the R270-million impact of voluntary severance packages, voluntary early retirement packages and section 189 retrenchment packages, as well as the related tax impact of R76-million in the current year.
Telkom plans to publish its financial results for the year ended March 31, 2021, on May 24.
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