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Johannesburg - Fixed-line operator Telkom said on Thursday full-year earnings likely rose more than nine-fold, following a raft of belt-tightening initiatives and a hefty writedown last year.
Telkom said headline earnings, the main measure of profitability in South Africa, likely totalled 772c to 789 cents a share in the year to end-March, from a restated 86.2c per share a year earlier.
The company, which has been on an aggressive turnaround strategy under Chief Executive Sipho Maseko, said it was helped by a one-time tax benefit and after last year's earnings were weighed down by a R12bn writedown.
It also said it benefitted from a decrease in mobile termination rates, after telecoms regulator Icasa required operators to reduce the fees they charge one another to connect calls across networks.
Telkom restated its 2013 earnings after adopting new accounting standards and after discontinuing operations of a subsidiary.
Its shares had jumped nearly 6% to R38.53 at 10:49, compared with a 0.2% decline by Johannesburg's All-share index.
Telkom said headline earnings, the main measure of profitability in South Africa, likely totalled 772c to 789 cents a share in the year to end-March, from a restated 86.2c per share a year earlier.
The company, which has been on an aggressive turnaround strategy under Chief Executive Sipho Maseko, said it was helped by a one-time tax benefit and after last year's earnings were weighed down by a R12bn writedown.
It also said it benefitted from a decrease in mobile termination rates, after telecoms regulator Icasa required operators to reduce the fees they charge one another to connect calls across networks.
Telkom restated its 2013 earnings after adopting new accounting standards and after discontinuing operations of a subsidiary.
Its shares had jumped nearly 6% to R38.53 at 10:49, compared with a 0.2% decline by Johannesburg's All-share index.
