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    SLT Group raked Rs.984m profit before tax for 1st Quarter

    May 20, 2014

    Sri Lanka Telecom (SLT) has raked in a 984m profit before tax as shown in its Group and Company financial results for the 1st quarter 2014. The group comprises of holding Company SLT and 7 subsidiaries including its mobile arm Mobitel (Pvt) Ltd.

    A 6% Year on Year growth of revenue during the 1st quarter 2014, to Rs. 15.3 billion has been recorded by the Group. All the operational segments of the group contributed towards this financial growth.

     

    Holding Company reports a Rs. 9.4 billion revenue during the quarter under review with 8% growth YoY. Data Enterprises and Whole Sale businesses have largely contributed to the growth. The operating expenses of the Company have increased by 22% YoY, during the 1st quarter 2014.

     

    SLT Group CEO Lalith de Silva commented that despite short term impact to the company performance, the settlement of long outstanding litigation, at a much favorable terms paved the way to eliminate the uncertainty. Commenting further he said that several strategic initiations and innovations towards market share expansions, cost optimizations, and efficiency improvements will definitely enhance results.

     

    Despite a highly competitive market, the mobile sector of the group, Mobitel [Pvt]Ltd., recorded a tremendous growth. Revenue for the first quarter of 2014 grew by 9% to Rs 7.2 Billion compared to the corresponding quarter in the previous year. This was duly supported by investments in network infrastructure for capacity building and coverage expansion, resulting in a growth in Mobitel subscriber base, despite 100% penetration in the Sri Lankan Mobile market with an increase in Mobitel customer base by 10% in comparison to first quarter of previous year.

     
    Mobitel reported an overall improvement in growth in revenue which increased by Rs.608m and continues to be indicated across profitability with EBITDA and EBIT with a growth of 9% and 0.4% respectively. Minimisation of costs and optimum asset utilisation contributed towards this impressive growth.

     

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