Telkom has issued a trading statement advising shareholders that earnings will be significantly higher for the year ended 31 March 2014, compared to the previous year.
The headline earnings per share (HEPS) and basic earnings per share (BEPS) for the year are expected to be at least 20% higher than those of the prior comparable period.
The results for the year will be positively impacted by the net curtailment gain of approximately R2-billion recognised on the post-retirement medical aid liability and the related tax benefit of approximately R246-million.
The results for the prior comparable period were negatively affected by the R12-billion non-cash impairment of assets; the provision for the Competition Commission fines of R592-million; and R434-million relating to the cost of voluntary severance and early retirement packages.
The group’s annual results will be published on or about 13 June 2014.
