Sri Lanka Telecom’s revenues rise, net profit drops

26 Apr 2010

Sri Lanka Telecom (SLT) posted a net profit of LKR604 million (USD5.3 million) in the three months ended 31 March 2010, down from LKR974 million in the first quarter of 2009, on revenues that rose from LKR11.837 billion in 1Q09 to LKR12.208 billion a year later. The telco, which includes cellular operator Mobitel, said that provisioning of LKR188 million for voluntary redundancy settlements affected the results, whilst the company also faced very tough domestic competition, but both revenues and profits were bolstered by the solid performance of Mobitel. SLT also received a boost from a 57% increase in its fixed broadband customer base over the twelve months to the end of March.

Sri Lanka, Sri Lanka Telecom (SLT-Mobitel)