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Reuters reports that Telkom SA said on Monday that it had cut 12.5% of the group’s permanent jobs in the financial year to 31 March 2019 through voluntary severance packages, voluntary early retirement packages and other layoffs.
This came as it posted a 22.6% surge in full-year earnings, with upbeat performance in its mobile business having offset declines in the traditional fixed-line unit. Telkom indicated that the group had 15,296 permanent jobs on 31 March, down from 17,472 in the year ending March 2018. Some job cuts came from Telkom‘s information and communications technology business BCX, where the number of permanent employees fell 13.4% to 5,782 under a cost reduction programme. “We expect the savings from this programme to come through in the next financial year,” Telkom said in its results statement. Telkom, 40% owned by the state, is seeking to transform the business with heavy investments in its mobile phone unit and by rolling out fibre internet packages. Mobile service revenue climbed 58.3% to R8.2 billion, while fixed service revenue fell 8.8%.
- Read the original of Nqobile Dludla’s report on this story at Moneyweb
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