SLT-MOBITEL see through financial recovery in Q3’24
View(s):SLT-MOBITEL Group has reported a Profit After Tax (PAT) of Rs. 1,093 million for Q3 2024, compared to a loss of Rs. 1,543 million for the same period last year.
At company level, Sri Lanka Telecom PLC (SLT) also recorded a positive PAT of Rs. 932 million for Q3 2024 compared to a Rs. 651 million loss last year, indicating a successful transition from loss to profit, the company said in a media release. The group has announced consolidated revenues for the quarter at Rs. 28.5 billion, a 3 per cent increase, up from Rs. 27.7 billion in the previous year. Gross Profit showed a marked increase at Rs. 12.3 billion with a 24.8 per cent increase compared to Rs 9.9 billion. The rise has been driven primarily by cost savings achieved through successful cost-saving initiatives implemented across the group.
The group’s EBITDA showed strong growth, reaching Rs. 10.5 billion during Q3 2024, an increase of 30.6 per cent compared to Rs. 8 billion in the previous year. In addition, Operating Profit showed a marked increase at Rs 3.6 billion, a massive 551 per cent growth compared to Rs 549 million last year.
EBITDA growth of Rs. 1.2 billion, a 21.8 per cent increase, indicated improved operational efficiency of the company. Operating profit surged to Rs 2.5 billion, signalling an impressive 299 per cent growth compared to Q3 2023. The company successfully reduced its finance costs by 28.2 per cent improving the bottom line for the quarter, the release said. Mobitel showed significant improvements during Q3 2024, across key metrics compared to the previous year. Revenue increased by 7.9 per cent to Rs 11.7 billion, driven primarily by broadband growth, while EBITDA rose by 40 per cent to Rs 3.6 billion, reflecting strong operational efficiency. Notably, Mobitel achieved a positive operating profit of Rs 898 million, a substantial turnaround from previous losses, and a net profit improvement of 102 per cent, indicating a successful recovery and effective cost management strategies.
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