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Telkom shares dive on profit warning

Mar 30 2012 14:35 Reuters

Company Data

TELKOM SA SOC LIMITED [JSE:TKG]

Last traded 0
Change 1,05
% Change 0
Cumulative volume 1665835
Market cap 30.23bn

Last Updated: 30-10-2014 at 04:26. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Shares in Telkom [JSE:TKG] dropped more than 7% in afternoon deals on Friday after the telecoms group forecast a sharp fall in full-year profit.

Telkom, whose biggest shareholder is the government, was down 3.45% at R23.50 in afternoon trade, recouping some lost ground after sinking over 7%.
 
The company said headline earnings per share (EPS) likely fell by at least 25% in the year to the end of March.

The company also said basic EPS, which includes one-off items, is likely to show at least a 90% decline because of R950m in losses from the sale of its Nigerian unit and a R550m writedown on its broadband unit iWayAfrica.

The company also took a R2.2bn loss from its recently launched cellphone business in South Africa.
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