SLT Group consolidates cost, manages waste in positive 1H 2021 results
View(s):SLT-MOBITEL this week announced its financial results for the first half of 2021, posting a 29.9 percent year-on-year growth of Group Profit After Tax (PAT) of Rs. 6 billion.
“Cost consolidation across verticals and a group-wide undertaking to minimise waste, convert waste to cash, and manage OPEX cost resulted in the healthy bottom-line. SLT-MOBITEL ensured its customers benefited most during the tough pandemic period, with improved service levels, upgraded infrastructure and innovative product offers,” the group said in a media release.
SLT Group revenue grew to Rs. 49.9 billion in the period under review, a 13.3 percent increase against the comparable period in the previous year, driven by the focus on business continuity despite the coronavirus pandemic. The EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) of the group stood at Rs. 19.6 billion, a 10 percent year-on-year growth, whilst Operating Profit for the group was Rs. 7.2 billion, up by 4.2 percent over the first half of 2020.
Group Revenue for Q2 2021 grew by 15.2 percent to Rs. 25.3 billion compared to the same quarter of the previous year, lifting the EBITDA and Operating Profit to Rs. 9.9 billion and Rs. 3.8 billion, respectively. The Group Profit After Tax (PAT) for the quarter was Rs. 3.8 billion, a 40.7 percent year-on-year growth, the release said.
It said topline growth can be attributed to customer focused delivery of essential products and services, during the pandemic period. SLT-MOBITEL provided residential Fibre connectivity and also increased PEO TV and mobile services as customer demand grew. This strategy led to more customer acquisition, aided by value added services, competitive pricing and the launch of innovative consumer centric services such as unlimited data packages.
SLT Group continued its contribution to the Government of Sri Lanka during the first half of 2021, paying a total of Rs. 10.3 billion in direct and indirect taxes including levies, and dividends.
SLT Group Chairman, Rohan Fernando said they were working closely with the Government on National ICT and Telecommunication programmes to ensure all Sri Lankans are connected to bridge the digital divide.
“The growth for SLT-MOBITEL in the period under review has come as a direct result of our service quality. Our efforts to drive prices down and improve our customer service, has been welcomed by residential customers who consume voice connectivity, mobile and fixed data and PEO TV,” added SLT Group Chief Executive Officer, Lalith Seneviratne.