SLT group profits up 13.6% in 1st nine months
View(s):Sri Lanka Telecom PLC has reported revenue of Rs. 55.7 billion during the first 9 months of 2016, up by 9.5 per cent over the same period in 2015.
The growth was largely driven by an increased demand for data and broadband related products that were introduced to the market through LTE coverage expansion and fibre optic based ultra-high speed broadband for higher data volumes, the company said in a media release.
Operating costs of the group increased by 15.2 per cent to Rs. 39.7 billion largely due to the increase of International Telecommunication Operators Levy and the restoration of telecommunication infrastructure affected by natural disasters during the second quarter of the year.
Revenue increased by 7.2 per cent YoY to Rs. 32.4 billion at the group level. The group reflected a YoY Earnings After Tax (EAT) growth of 13.6 per cent which when compared to the same period last year shows the positive impact of lower foreign currency translation losses.
Group CEO Dileepa Wijesundera said in the statement that the continuous and robust top line growth of the group is a direct reflection of the investments made on improving user experience through innovative and high quality Information Communication and Entertainment (ICE) services.
Group Chairman Kumarasinghe Sirisena, also expressed his pleasure on the overall group performance stating that the growth momentum would continue through synergetic strategies.