Business Times

SLT Group records Rs. 50 bln revenue, Rs. 5.96 bln pre-tax profit

Sri Lanka Telecom (SLT) said this week that the group’s pre-tax profit (PBT) was Rs 5.96 billion in 2010 with a sharp year-on-year (YoY) growth of 327% while post-tax profits (PAP) was Rs 3.94 billion.
“The impressive financial results were mainly driven by the improved performance delivered by SLT, the parent company of the group and exceptional performance by Mobitel, its mobile arm,” the statement said.

Commenting on the 2010 results, SLT Group Chairman Nimal Welgama said that the Rs 50.25 billion revenue of the group is a landmark in the telecommunication and corporate annals of Sri Lanka. “We are firmly positioned now as the first Sri Lankan company to achieve this record which provides considerable boost to our bottom line and is reflective of our prudent cost management initiatives and focus on subsidiary profitability.

Given the strategic focus we have instituted in all our areas of business and the emphasis we have constantly infused in ensuring that our end objectives and targets are met or exceeded, it is indeed noteworthy that we have implemented the necessary foundations and strategies to drive substantial growth and profits,” he said. Group free cash flow showed an increased from a negative Rs. 2 billion in 2009 to Rs. 8.8 billion in 2010. Comparatively low capital expenditure and better performance overall, saw an improvement in cash flows.

He reiterated that the group while having established a pragmatic framework to ensure consistent growth in all its KPIs, has been insistent in infusing a more visionary outlook and an attitudinal change which naturally contributed positively, both quantitatively and qualitatively. “Having already commenced our Transformation Programme that has established changes across numerous areas including, customer centricity, innovation and an overarching emphasis on prudent cost management remain very high on our agenda,” he said.

The group has laid the foundations to transform its traditional network to a Next Generation Network, investing considerably in infrastructure, technology, training and development. It has passed the 200,000 fixed line broad band customer mark achieving a growth of 36% and a customer increase of 57,000 YoY, having a total of 1.4 million fixed lines and over four million mobile customers.

Mobitel recovered from a dip in profits in 2009, with PBT of Rs 1.94 billion and a PAT of Rs 1.51 billion in 2010 compared to losses of Rs. 219 million and Rs.395 million, respectively in 2009. Mobitel crossed the four million customer mark in 2010 despite an intensely competitive market.

Mr Welgama pointed out that the group is striving to create a conducive environment for sustained and consistent organizational growth, instituting the principals of best practice, governance, prudent risk management, emphasis on ethics, professionalism, transparency, accountability and sincerity of action into its everyday workings.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
 
Other Business Times Articles
No strikes, unrest at Sri Lanka’s model university in Badulla
SEC mulls regulating bank guarantees to stop casino culture
Seylan to shed 250 jobs in April
Ashok Leyland Colombo bourse trades to be probed
Lankan firm builds Uganda’s largest hydro power plant
Army grounds clears for Shangri-La
Lanka’s ‘Achcharu’ education system
Today’s complicated education system creates misfits in society
Increase fuel prices, pleads LIOC
Lankan tea veteran Bryan Baptist trains Turks in tea-tasting
Letter
SLT Group records Rs. 50 bln revenue, Rs. 5.96 bln pre-tax profit
Now an effective non-toxic wood preservative from Sri Lanka’s premier scientific research agency
Raigam looks for its salt’s worth with confectionary firm
Social networks; Large Asian corporations increase exposure but engagement remains low: New study
Lankan ambassador Jayatilleka on Global Advisory Council on Climate Change
Clutch-free motorcycle now in Sri Lanka
Nokia outlines new strategy, broad strategic partnership with Microsoft
FITIS, IISEIE launch Sri Lanka ‘High-Tech Economy Survey’
Beating the high cost of living at a ‘Food Mart’
Eight banks to disburse World Bank $57.4 mln facility for small enterprises
Prof. Uditha Liyanage on the ‘New Mod-tradi Consumer’
Commercial Bank breaks Rs 5 bln PAT barrier in 2010
UN Global Compact picking up across the world
HSBC joins IUCN to restore the Warawewa Tank
Free Lanka launches Rs 1.5 bln IPO
Sri Lankan exporters again advised of the US GSP lapsing
Dubai's pearl heritage makes a comeback with trade
Call for political support to build green buildings in Sri Lanka
The Finance Company makes structural changes
Commercial Bank helps families displaced by conflict
Citrus' two hotels to go public
IFC, Sanasa Development Bank to help micro entrepreneurs
United Motors unit sells stake to Janashakthi group firm
World Cup: Many Sri Lankan stakeholders set to benefit
SEC to announce rules on cross border listings in March
IPOs galore with another - Union Bank IPO oversubscribed
Sri Lanka promotes renewable energy to face the depletion of fossil fuel
76% YoY consolidated revenue growth for Carson’s-owned Bukit Darah
Bartleet TransCapital reports sharp hike in growth and profits
Fitch upholds SLT's 'AAA(lka)' / Stable
NDB says core banking profits up 34% in 2010

 

 
Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 1996 - 2011 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved | Site best viewed in IE ver 8.0 @ 1024 x 768 resolution