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TechCentral reports that Telkom is expected to take a big hit to earnings as the result of staff reduction costs, with headline earnings per share set to fall by between 40% and 50% for the year ended 31 March 2016.
Basic earnings per share are expected to be between 20% and 30% lower, the telecommunications group warned shareholders in a trading statement on Monday. The results include the impact of Telkom’s voluntary early retirement and severance packages offered to employees of about R2,2bn, with a related tax impact of approximately R500m. During the year, about 4,200 employees accepted packages.
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