Telkom's loss climbs more than 50-fold after impairment cost
The company says its 2013 financial results reaffirm the need to act with urgency to turn the group's performance around. Government blocked the sale of a 20% stake of the communications company to South Korea's KT Corporation, but Telkom's shares and revenues have fallen since. Telkom SA Limited, Africa’s largest fixed-line operator, said full-year losses widened more than fifty-fold after it wrote down the value of its assets by R12-billion ($1.22-billion) to reflect a lower share price.
Revenue fell 1.8% to R33.1-billion as sales from the fixed-line voice service, its biggest share of revenue, decreased 4.7% to R16.3-billion. Telkom shares rose as much as 3.2% and were trading 2.8% higher at R15.74 by 9:28 a.m.... Read the full, comprehensive news article and discuss at Mail & Guardian