Business
1 hour ago
Telkom shares take a sudden dive
JOHANNESBURG - Telkom shares plummeted 15-percent on Wednesday morning after it announced that its profits are likely to drop significantly in its next annual results.
The telecoms company is flagging impairment charges, restructuring costs and tax charges.
It also says rising living costs have lowered demand for some products.
The ongoing power cuts are not helping.
In February, the company also announced that it would cut up to 15-percent of its staff to lower costs and retain more earnings.