SLT Group shows resilience in 1Q2022 despite challenges
View(s):Sri Lanka Telecom Group has recorded a consolidated revenue growth of 5.4 per cent to Rs. 26 billion in Q1 2022, in comparison to the corresponding period in the previous year. Group Profit After Tax (PAT) in the same period was recorded at Rs. 2.7 billion, demonstrating the SLT Group’s resilience despite challenging economic conditions.
This year the group continued its focus on digital transformation agenda, streamlining the cost base and automating processes while delivering and creating value for stakeholders and the nation, it said in a media release.
SLT Group’s EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) recorded a 9.9 per cent Year-on-Year (YoY) growth to stand at Rs.10.7 billion with the EBITDA margin improving to 41 per cent for the quarter against 39.4 per cent in the corresponding period of the previous year. The group recorded a Profit Before Tax (PBT) of Rs.3.5 billion for the quarter.
The group’s revenue growth was primarily driven by the increased broadband revenues resulting from the ongoing accelerated Fibre Expansion Project under the National Fiberisation Programme and due to the expansions and upgrades in the 4G/LTE network. The investment towards fiberisation and the aggressive roll-out and marketing of fibre solutions paid off as it contributed to achieve Q1 targets for the group with increased consumer demand. Further, the group saw an increase in PEO TV revenues due to the accelerated Fibre Expansion Project. The group’s revenue from career domestic services too improved during the period.
SLT Group Chairman, Rohan Fernando said, “The first quarter of 2022 proved more challenging than we had expected, however SLT-MOBITEL overall performance reflected the resilience and strength of our portfolio.”
SLT Group Chief Executive Officer, Lalith Seneviratne added, “We continue to invest in the best of emerging technologies, including networks and digital capabilities, and continue our efforts to deploy an innovative portfolio of products and services implementing the transformation of the company.”
Sri Lanka Telecom PLC, the holding company of the group, recorded Rs. 4.1 billion in PAT for Q1 2022. Revenue for the quarter stood at Rs.15.9 billion whilst the EBITDA and Operating Profits stood at Rs.6.3 billion and Rs.1.1 billion respectively.
Both EBITDA and Operating Profit margins at the mobile services arm of the group, Mobitel (Pvt.) Ltd, remained positive at 38.9 per cent and 19.3 per cent respectively but foreign exchange losses negatively affected the bottom line of the company, resulting in a net loss of Rs.0.8 billion for the quarter.
Hitad.lk has you covered with quality used or brand new cars for sale that are budget friendly yet reliable! Now is the time to sell your old ride for something more attractive to today's modern automotive market demands. Browse through our selection of affordable options now on Hitad.lk before deciding on what will work best for you!