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Telkom warns on profits

Nov 15 2012 08:40
New Telkom chief executive Pinky Moholi. She is th

Pinky Moholi resigned as Telkom chief executive.

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Johannesburg - Telkom warned late on Wednesday that its profits could take a knock of up to 83%.

In a trade update released after the markets closed on Wednesday, the telecommunications giant said it expected headline earnings per share from continuing operations for the six months ended September 30 2012 to be between 78% and 83% lower than the comparative period.

Basic earnings per share from continuing operations were expected to be between 62% and 67% lower.

The trade update was followed by an announcement that the parastatal appointed Jabulane Mabuza and Kholeka Mzondeki to its board on Wednesday.

Six board members, including CEO Nombulelo Moholi and board director Neo Phakama Dongwana, resigned earlier in November.

The election of a new chairperson may be contested by board members, especially those appointed by government, Business Day reported on Thursday.

Communications Minister Dina Pule voted off four board members at Telkom's annual general meeting in October. The meeting was last chaired by Lazarus Zim, who announced his resignation as Telkom chairperson in September.

Moholi had rejected speculation that she intended resigning after Zim left.

Telkom's share price had fallen by 10% since Moholi's resignation.

The parastatal is expected to release its interim results on or about November 19.

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