SLT Group reports Rs. 65bln revenue for 2014
View(s):The Sri Lanka Telecom PLC (SLT) Group has maintained its overall growth momentum during the year 2014 with revenue up by 8 per cent to Rs. 65 billion.
In a media statement, it said that all segments of the group comprising fixed, mobile and others contributed positively to this increase.
“Owing largely to price escalations coupled with the impact of an out of court settlement on civil litigation in relation to the import of the IPTV system in 2007/2008, operating cost of the group increased by 12 per cent to Rs. 46.3 billion during 2014, compared to the year before. The group’s profit before tax rose by 12 per cent year on year to Rs. 8.2 billion. The refund received from the Telecommunication Development Charge (TDC) of Rs. 1.2 billion during the year against Rs. 0.6 billion in the previous year also contributed to this bottom line growth.”
Group post tax was Rs. 6 billion, up by 11 per cent year on year. During the year the group invested Rs. 20.2 billion in its infrastructure.
Holding company, Sri Lanka Telecom reported Rs. 38.9 billion in revenue, a rise of 6 per cent from the previous year.
“Despite the threats on voice related revenue wholesale, enterprise, data and IPTV related revenues have demonstrated positive upward trends. Continuous investments in new technologies and infrastructure have largely contributed in revenue growth. During the year under review alone the company invested Rs. 16.4 billion in infrastructure and technologies. Operational costs of the company have increased by 10 per cent during the year. The company’s pre tax profit dipped by 3 per cent to Rs. 4.8 billion.
Lalith De Silva, the outgoing Group Chief Executive Officer of SLT, said he was optimistic on the company performance, despite the one-time charge of Rs. 673 million for an out of court settlement that impacted on the results.
“We have made every effort to fulfil our infrastructure requirements, not only by replacing the existing ones, but also by introducing new broadband technologies such as LTE and Carrier Grade Wi-Fi and FTTH,” he said.
SLT Group Chairman, P.G. Kumarasinghe Sirisena, while praising the group results, stated that he together with other board members including those who have been appointed recently will drive the company towards its strategic objectives.
Mobitel (Pvt) Ltd recorded a sales turnover of Rs. 30.60 billion compared to Rs. 27.48 billion in 2013. For the fourth quarter of 2014 Mobitel reported revenue of Rs. 7.92 billion, an increase by 13 per cent compared to the fourth quarter of 2013.