{"id":52093,"date":"2023-07-31T11:13:20","date_gmt":"2023-07-31T11:13:20","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/telkom-lifts-as-it-reports-performance-pick-up-but-profit-still-takes-load-shedding-hit"},"modified":"2023-07-31T12:48:31","modified_gmt":"2023-07-31T12:48:31","slug":"telkom-lifts-as-it-reports-performance-pick-up-but-profit-still-takes-load-shedding-hit","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/telkom-lifts-as-it-reports-performance-pick-up-but-profit-still-takes-load-shedding-hit","title":{"rendered":"Telkom lifts as it reports performance pick up, but profit still takes load shedding hit"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>Shares in Telkom, SA’s third mobile operator, lifted more than 3% on Monday morning, when it reported a pick-up in performance for its first quarter to end-June, though it is still feeling pressure from load shedding, constrained consumers, and its legacy systems.<\/p>\n

Group revenue up 3.8% to about R10.6 billion to end-June but core profit fell 4.2% to R2.2 billion, the mobile operator said, with its performance driven by a strong performance by both its mobile and its fibre interests.<\/p>\n

The ICT group, which is valued at over R15 billion on the JSE, had a tough 2023, when it reported a fall in core profit of about a fifth, and revenue growth of less than 1%, hit by hefty write-downs of its legacy systems, frontloading of handset sale costs, and the effects of restructuring. In morning trade on Monday, the group’s shares were up about 3% but are still down almost a third on a one-year basis.<\/p>\n

Mobile service revenue was up 6.5% to R4.56 billion end June and data revenue just under 10%, the company said, with subscribers up almost 7% to 18.5 million, while data traffic was up more than a quarter.<\/p>\n

Despite this, core profit in the mobile business fell 5.6% about R1.14 billion, with bad debts rising as consumers continue to take strain, as well as an increase in load shedding costs of R54 million.<\/p>\n

Openserve, the group’s fibre business, “continued accelerating its leadership in providing connectivity across SA,” Telkom said, with fixed data next-generation network revenue rising 10.6%. Openserve grew its homes passed base by 24.4% to 1.1 million homes but was still feeling pressure from an accelerated decline in fixed-voice services, which were down 29% year on year.<\/p>\n

Telkom said while Openserve “redesigned operating model has positively contributed” to its core profit, load shedding added R88 million in costs, and margins contracted.<\/p>\n

ICT services business BCX grew revenue almost 3% to R3.5 billion, with an easing global chip shortage helping with product backlogs, partly offset by declines in fixed voice and data by customers migrating to new technologies.<\/p>\n

Swfitnet, which manages its portfolio of over 4 000 masts and towers, grew revenue 1.2% to R326 million, with core profit up 1.7%.<\/p>\n

“Telkom has started the 2024 financial year with good momentum,” said CEO Serame Taukobong in the update.<\/p>\n

“Group performance was pleasing in the face of rolling power outages (load shedding), muted economic growth, continuing inflationary pressures on consumers and an intensely competitive landscape,”<\/p>\n

“We are pleased that cost savings from our recent labour restructuring process offset the impact of load shedding as planned, but the legacy revenue declines along with higher [expected bad debt] provisions weighed down on overall group profitability.”<\/p>\n

“The group will continue improving its cost base to improve profitability in the medium term,” he said.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. Shares in Telkom, SA’s third mobile operator, lifted more than 3% on Monday morning, when it reported a pick-up in performance for its first quarter to end-June, though it is still feeling pressure from load shedding, constrained consumers, and its legacy systems. Group revenue up 3.8% to about R10.6 billion to end-June […]<\/p>\n","protected":false},"author":84,"featured_media":52092,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,5934,1555,1389,275,1308,5932],"class_list":["post-52093","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-fibre","tag-ict","tag-mobile","tag-south-africa-2","tag-telkom","tag-updates"],"yoast_head":"\nTelkom lifts as it reports performance pick up, but profit still takes load shedding hit - South Africa<\/title>\n<meta name=\"description\" content=\"Shares in Telkom, SA's third mobile operator, lifted more than 3% on Monday morning, when it reported a pick-up in perfo ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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