SAfrica's Telkom earnings down 45.9 percent
JOHANNESBURG: South Africa's largest fixed-line telephone operator Telkom reported said Monday that its full-year headline earnings had fallen 45.9 percent and said it would de-list from the New York Stock Exchange.
Telkom said its profits in the year that ended March 31 were down to 557 cents per share, dragged down largely by charges linked to the sale of its stake in South Africa's largest mobile operator Vodacom.
The sale of its Vodacom stake in May gave control of the mobile firm to Britain's Vodafone. But 177 million rand (21.6 million dollars) in one-off expenses linked to the sale dragged down earnings, Vodacom said in a filing to the local stock market.
The company, partially owned by the government, also said it had decided to de-list from the New York Stock Exchange "Maintaining a listing in the United States is expensive and takes considerable management time," it said.
"Given the current global economic climate and the business imperative for Telkom to reduce its cost base, the Board has decided to de-list from the New York Stock Exchange," it added.
gs/nh SAfrica-company-telecoms-Telkom AFP 221510 GMT JUN 09.