Johannesburg - Telkom shares declined 5.32% to R18.34,
adding to a 5.5% drop on Thursday, when the fixed-line operator
warned that first-half earnings will likely fall as much as 65%, hit by a $55m
regulatory fine.
The Competition Commission last month slapped
Telkom [JSE:TKG] with a R449m fine for using its dominant market position to
stifle potential competitors.
The fine is the latest setback for struggling Telkom, which
has been hurt by the steady decline in fixed-line usage and a failed expansion
into Nigeria.
Its return on equity over the last 12 months has been just
0.2%, according to Thomson Reuters data, compared with an average of 27.5% for
five other emerging markets telecom firms.
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