Telkom’s balance sheet boosted by Covid-19 lockdown

Telkom has announced that it has reduced costs on its retrenchment exercise by R300-million due to the nationwide lockdown.

• The restructuring process has been reduced from R1.5-billion to almost R1.2-billion
• According to an ITWeb article, “preserving cash and maintaining a flexible balance has become of utmost importance and urgent during the COVID-19 pandemic as the economy is under strain”
• In January, Telkom announced 3 000 jobs will be cut
• In 2019, Telkom said it cut over 2 000 jobs in 2018 and reduced permanent staff by 12.5%
• Telkom yesterday revealed it will not be able to finalise annual results on time
• Telkom said it is in agreement with the government on its efforts to fight COVID-19 and also supports government initiatives to curb the spread of the virus.