SLT Group revenue decreases in 2nd Quarter 2023
View(s):While SLT PLC showed a 2.4 per cent (Rs.400 million) revenue growth, its subsidiary Mobitel recorded 9.3 per cent (Rs.1,066 million) de-growth (neither increase nor decrease) during Q2’23 compared to Q2’22.
Group revenue, therefore, decreased by 2.8 per cent (Rs.763 million) from Q2’22 to Q2’23. SLT PLC revenue increase was driven by growth in Broadband, IPTV, and Enterprise revenue streams. However, such an increase was slowed down due to an decrease in International Transit revenue (90.3 per cent, Rs.614 million) during Q2’23, though it must be noted that such international transit revenue has virtually no margin, SLT said in a media release.
SLT PLC revenue growth was primarily hindered due to a delay in the monetisation of fibre network and customer churn. Revenue de-growth in Mobitel was due to significant decline in subscriber base. Subscriber base contracted by 1 million from June 2022 to June 2023, it said.
Group Opex (operating expenses or expenditure) increased by 15.1 per cent (Rs.2,513 million) in Q2’23 compared to the corresponding quarter in the previous year. Even though Mobitel revenue has declined YoY, Opex increased by 30.4 per cent (Rs.1,998 million) during Q2’23 due mainly to sales related commissions. SLT PLC Opex increased by 5.5 per cent (Rs.619 million) owing to AMC/license cost driven by devaluation of the Rupee, electricity tariff and fuel price increases.
SLT Group’s revenue growth was stagnant for the 1st half of 2023 to record Rs. 52.7 million, a 0.4 per cent de-growth compared to the same period last year. At a company level, SLT revenues grew by 6.4 per cent to Rs. 34.6 billion for the 1st half of the 2023.
During the first half of 2023, Mobitel revenue has contracted by Rs. 2.2 billion compared to revenue for the same period in 2022 and the loss recorded for the period was Rs. 1.5 billion. However, with the recent changes in management, Mobitel has been able to arrest the decline in subscriber base and revenue.
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