SLT profits marginally down in 1Q2017
View(s):Sri Lankan Telecom (SLT) Group post-tax profit fell to Rs. 1.45 billion in the quarter ending March 2017 from Rs. 1.72 billion, in the corresponding 2016 quarter due to a multitude of reasons.
Tax changes made by the government had an adverse impact on the group’s revenue growth which impacted on profitability as well. The continued slide of the rupee against the US dollar led to a foreign exchange loss of Rs. 364 million, the company said in quarterly results announced on Monday.
“As a pioneer in the ICT industry and as part of a market that shifts very quickly, the SLT Assemblage continuously strives to remain technologically innovative. As such the group continues to accelerate multiple projects, especially the long-term evolution (LTE) project and the fibre to the home (FTTH) under which was rolled-out 1,000 LTE base stations and 100,000 fibre ports respectively. A significant addition to the mobile industry is underway with Mobitel’s forthcoming 4G expansion,” it said.
The SLT Group is devising ICT-reinforced facilities for the mega investment zones of the Colombo International Financial City and the Megapolis Project. Consequently, the group said it expects to be well-prepared to handle any and all foreign direct investments (FDIs) coming into the respective zones.
“The rise in economic development of Sri Lanka will drive an influx of investors and projects into the country. SLT is fully-equipped to meet these with cutting edge communications and infrastructure solutions. The SLT group foresees equally exciting prospects in the Megapolis Project and its associated ventures,” the report said.