Telkom shares slump, reports a loss

Mergers, Acquisitions and Financial Results

Shares in telecommunications group Telkom slumped R1.60 (Less than US $1) or 4.82% to R31.60 (about US $4.1) on the JSE (Johannesburg Stock Exchange) today after the group announced losses incurred by its mobile business in a trading statement.

According to I-Net Bridge, Telkom advised that its headline earnings per share from continuing operations for the six months ending September 2011 were expected to be at least 40% lower than previously. “The decrease is mainly attributable to the losses incurred by the mobile business,” Telkom said in a statement.