SLT records highest ever quarterly profits
Sri Lanka Telecom Group ( SLT) has reported a Rs. 2.20 billion net profit for the first quarter ending March 2019, the highest ever first quarter of any year, with a remarkable 86.8 per cent YoY growth compared to the same quarter in 2018.
“The outstanding results were largely driven by healthy revenue growth coupled with cost control initiatives. Profits were further backed by Rs.172 million forex gain reported during the quarter, in contrast to the profits negated by Rs. 294 million forex losses during the same quarter in the year before,” the company said in a media release.
The group reported Rs. 21.3 billion revenue during the period under review, up by 7.9 per cent YoY growth. The growth momentum was significantly contributed to by fixed and mobile broadband services, PEO TV services, National Backbone Services, digital services, government and enterprise intelligent business solutions.
Kumarasinghe Sirisena, Group Chairman, while prais
ing the staff for this exceptional performance, said: “The group continues with significant investments for national digital infrastructure developments, facilitating the smart Sri Lanka initiatives and developing the digital economy of the country.”
The holding company reported Rs.1.15 billion net profit during the quarter with remarkable YoY growth of 248 per cent.
During the quarter, the company reported Rs. 12.2 billion revenue with a growth of 6.3 per cent compared to the same quarter in the year before in line with respective business expansions.
“With our ambitious plan to develop 2 million FTTH fibre broadband ports by 2022, we will be able to provide the most premium fibre broadband experience to our valued customers across the country. We have also invested in key fibre connectivity infrastructure programmes to connect each and every corner of the country and the entire world from east to west,” said Kiththi Perera, Chief Executive Officer of the holding company.
Mobitel Pvt Ltd, the mobile arm of the SLT, continued to grow its revenue and key profitability indicators despite intensifying competition in the market. Revenue for the first three months of 2019 increased to Rs.10.1 billion, up by 6 per cent compared to the corresponding period in 2018. The revenue growth was mainly driven by the increase in broadband services.
Its net profit for the first nine months of 2019 was recorded at Rs. 1.11 billion compared to Rs.0.84 billion in the first three months of 2018.
“During last year we invested in building our network and creating value to our customers,” said Nalin Perera, CEO, Mobitel.
The holding company reported Rs.1.15 billion net profit during the quarter with remarkable YoY growth of 248 per cent.