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Telkom sees profit nose-dive
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21 June 2010
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Telecommunications group Telkom's profit plummeted for the year ended on March 31.
Headline earnings per share had dropped to 46,8 cents for the year under review compared with 610,5 cents a year earlier, the group said in a statement on Monday.
Normalised operating revenue was up 0,7 percent to R37-billion.
The group's profit was partially affected by its Nigerian interest Multi-Links which it purchased for $410-million (R3-billion).
"Multi-Links remains a major concern. We have impaired goodwill of R2,148-million and assets of R3,012-million in the current year, bringing the total impairment to date to R5,622-million and thereby fully impairing the goodwill and net asset value."
The board was considering how best to reduce exposure to risk in Nigeria.
Outgoing chief executive officer Reuben September said the year under review had been "tough" with muted revenue growth. This was a
result of low tariff increases, intensifying competition and high ...
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