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THE SMART NEWS SOURCE | Feb 10 2012 22:28 | LAST UPDATED Feb 10 2012 22:28 |
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Fixed-line phone company Telkom reported close to a 40% fall in first-half profit on Monday as both its domestic and Nigerian units struggled, sending its shares tumbling. Telkom, Africa's biggest fixed-line operator, said on Monday headline earnings per share fell 37,9% to 242,2 cents in the six months to end-September. The company said both its South African and Nigerian units were under pressure, with the former hit by higher operating costs and the latter by pricing pressures. Telkom, which also operates in Kenya and Namibia, said its core business would remain competitive in its key markets. "I am confident that the strength inherent in the fixed-line network ... will allow us to offer our markets simple, quality, cost-effective services that will be competitive in our markets," CEO Reuben September said. Telkom has seen revenue at its core fixed-line business come under pressure, after spinning off and selling its stake in Vodacom, its main earnings driver. -- Reuters  CONTINUES BELOW TOPICS IN THIS ARTICLE
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