Telkom (TKGJ.J) reported a 76.6% drop in full-year earnings on Tuesday due to inflation and power disruptions.
The partly state-owned telecoms company’s headline earnings per share, South Africa’s major profit indicator, fell to 134.6 cents from 575.3 cents in the 12 months that ended March 31.
The company’s headline earnings per share “excludes the impact of the restructuring cost of (1,065 million rand) and the tax impact of (288 million rand) on profit after tax,” according to a statement.
Like other South African carriers, the company has endured the country’s worst rolling blackouts, leaving companies and people in the dark for up to 10 hours a day.
Telecoms must maintain phone networks during blackouts.
“Telkom has come through a year marred by unparalleled levels of loadshedding and an alarming number of incidents of theft and vandalism targeting network infrastructure,” the corporation stated of power cuts.
