Telkom SA cuts jobs following first-half results
South African operator Telkom SA has reportedly laid off over 400 managers, after its first-half profits fell by 62% year-on-year.
According to Reuters, the move follows months of negotiations with unions over restructuring.
The operator released its first-half results today, in which profits stood at R 1.11 billion ($79 million) compared to R 2.89 billion ($208 million) in the previous year.
Telkom is aiming to reduce costs to offset the decline in landline use and increased operating costs.
The voluntary retrenchment and severance packages for the laid-off managers is reported to have cost $29 million.