SLT profits up by 13.5% in 1H2018

The SLT Group in the six months to June 2018 continued its growth momentum across all key business areas including Fixed, Mobile, Broadband, Enterprise solutions, Wholesale and PayTV to record consolidated revenue of Rs. 39.4 billion, up by 5.5 per cent from the same 2017 period.

The group reported a Rs. 2.8 billion net profit during this period, up by 13.5 per cent over last year.

During the period under review the group invested Rs. 10.8 billion for the acquisition of property, plant and equipment as well as intangible assets aimed at technology upgrades, infrastructure expansions, new connections, IT and system upgrades, etc.

In line with increasing investments, the group depreciation increased by 10.2 per cent to Rs. 9.1 billion.

Group Chairman Kumarasinghe Sirisena was pleased with the positive results of the group. “This is the outcome of continuous tactical investments in all the strategic areas of the group during the recent past. Our growth momentum is therefore very sustainable”.

The holding company, Sri Lanka Telecom PLC- reported a Rs. 1.0 billion net in the 6-month period, sharply up by 62 per cent year on year growth. The improvements to the profits were largely driven by year on year revenue growth of 5.3 per cent and managing of operating cost escalations at a lower level of 1.9 per cent year on year.