Telkom shares fell as much as 2.6 percent in Johannesburg.
Telkom confirmed the numbers, which were disclosed in a Tuesday statement by the unions after a meeting with managers. Telkom is revamping its operations to revive earnings as consumers switch to data-enabled smartphones and tablets from landlines. The phone company is also trying to increase profit at its mobile service, South Africa’s fourth-biggest, and boost sales of its Internet offering.
“These are critical actions we need to take to ensure the long-term sustainability of our business,” O’Sullivan said.
Telkom’s average revenue per employee was R1.7 million in the most recent fiscal year, according to data compiled by Bloomberg. That compares with R15.7 million for Vodacom and R6.7 million or MTN, Telkom’s largest rivals in South Africa.
Telkom said it will have about 4,000 full-time workers in its new wholesale and networks business.
“We remain committed to collaborating with organised labor in the best interest of Telkom and its people,” O’Sullivan said.
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