Telkom jumps on profit forecast

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TelkomW INDEPENDENT MEDIA Picture: Leon Nicholas.

Johannesburg - Shares of Telkom SA rise nearly 3 percent after the fixed-line and mobile phone services provider said its full-year earnings would rise by at least 20 percent.

Telkom says it gained 2 billion rand from cuts related to medical aid retirement benefits for staff and another 246 million rand from a tax benefit.

Telkom is laying off staff, which is part of a raft of measures to curb expenses, such as doing away with bottled water, asking service providers for steeper discounts and reducing its fleet of vehicles.

Its shares are up 3.6 percent at 31.92 rand, making it second-best performer on Johannesburg's All-Share index's. - Reuters

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