South Africa's Telkom cuts 13% jobs despite FY profit surge


JOHANNESBURG, May 27 (Reuters) - South Africa's Telkom SA TKGJ.J cut 13.4% of permanent jobs, the company said on Monday after posting a 22.6% surge in full-year earnings as upbeat performance in its mobile business offset declines in the traditional fixed-line unit.

Telkom, which runs South Africa's biggest fixed-line telecom network, said its total permanent jobs, as of March 31, dived to 15,296 from 17,472 in financial year 2018.

Headline earnings per share (HEPS), the main profit measure in South Africa, came in at 722.4 cents for the year through end-March, compared with 589.3 cents a year earlier.

HEPS excludes the impact of voluntary severance packages (VSP), voluntary early retirement packages (VERP) and section 189 cost of 728 million rand ($50.59 million).

($1 = 14.3908 rand)

(Reporting by Nqobile Dludla, Editing by Sherry Jacob-Phillips)

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