Sri Lanka Telecom’s net income up 53%

9 May 2007

Incumbent fixed line operator Sri Lanka Telecom (SLT) has announced that its net profit rose 53% year-on-year in the three months to the end of March 2007, driven by sales of CDMA fixed wireless phones. Group net income for the quarter was LKR1.98 billion (USD17.8 million), compared with LKR1.29 billion a year ago, whilst revenues climbed 14% year-on-year to LKR10.97 billion. Uptake of CDMA WiLL connections, which drastically cut waiting times for lines in rural areas, were also the driving force behind a 76% rise in 2006 net profits which SLT announced in February. ‘Much as we’re trying to do our best on CDMA, we’re also looking at other areas like broadband and development of ADSL, so that should start contributing to revenue as the year progresses,’ the company said in a statement, although it declined to give a full year financial forecast.

Sri Lanka, Sri Lanka Telecom (SLT-Mobitel)