SLT’s costs and inflation drive profit down

Sri Lanka Telecom (SLT) has reported that its third-quarter net profit fell by 31% year-on-year, after being driven down by higher costs and inflation. The national PSTN operator said net income in the three months ended 30 September was LKR1.24 billion (USD11.2 million), down from LKR1.80 billion a year before, despite a 4% year-on-year increase in quarterly revenues to LKR11.69 billion. ‘High costs, led by high inflation in the third quarter, was the main reason for the fall in net profit,’ Upali Mahamithawa, head of investor relations at SLT, told Reuters.