- Created on Thursday, 16 May 2013 04:58
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Sri Lanka Telecom PLC (SLT) released financial performance of its Group and Company for the 1st quarter 2013 yesterday (15)..
The group has recorded a Rs.14.45 Bn revenue, with 5% year on year growth during the quarter. Strategic initiatives engaged particularly in the mobile sector together with the expansion of broadband and data services through i-Sri Lanka program have complemented the growth of group revenue.
During the qurater under review, the group reported a Net Profit Before Tax (NPBT) of Rs. 2.03 Bn and Net Profit After Tax (NPAT) of Rs. 1.60 Bn. This is an impressive growth of 90% and 226% resplossectively compared to that of the previous year,
At the Company level, Rs. 8.70 Bn revenue was reported with a marginal growth of 1% compared to the corresponding quarter of the previous year. Rapid increase of operating costs has eroded the Net Profit Before Tax and Net Profit After Tax of the quarter under review by 46% and 48% respectively to Rs. 1.06 Bn and Rs. 0.78 Bn.
SLT has moved onto a period of growth with the appointment of Group CEO Lalith De Silva in February 2013, who has extensive experience in the telecommunication and IT sector.
In the face of intense competition, Mobitel was able to report a healthy performance recording a growth in both subscribers and revenue. Revenue for the first quarter of 2013 grew by10 % to Rs 6.6 Bn compared to the same quarter in the previous year.This growth was achieved despite the Sri Lankan mobile market reaching saturation by end of 2012 according TRCSL sources.
According to Nimal Welgama, Chairman SLT Group, SLT is now ready to deploy high investments in Infotainment, expansion of International cables, Data and Broadband services and expansion of IT systems. He is confident that these investments would enhance the value of SLT Group while significantly contributing to the Government initiatives to boost ICT in the country as a part of its infrastructure development.