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| Sunday, 8 May 2005 |
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| News Business Features Editorial
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Drop in SLT profits in 2004 Sri Lanka Telecom (SLT) has recorded a revenue of Rs. 29,588 million compared to Rs 25,553 million in 2003. The net profit was Rs 1,293 million compared to Rs 2,249 million recorded in 2003. One factor that contributed largely to a drop in profits was the government's levy on international telecommunication operators. SLT made a provision against this levy of Rs. 2,067 million for 2004 which in turn impacted negatively on profits, said the Chairman Anil Obeyesekere. Additionally the company has made full provision for outstanding debt amounting to Rs 1.0 billion recoverable on the Sigiriya card transaction.The board is making every possible effort to ensure that all legal remedies are pursued to recover this outstanding, he said. The consolidated profits have also been impacted by the substantial level of capital investments made by Mobitel, the return on which should be reflected in Mobitel's performance in the coming years and also by the excessive level of receivables in the books of Mobitel. The company has earmarked Rs 8 billion to expand and modernise the network and services, the chairman said. We are looking to introduce several new value added services while fine tuning and developing existing ones to increase our customer base and usage while improving revenue. He said that a key area of diversification of revenue streams will consist of the company marketing its considerable capacities and expertise in network system integration and advanced technology to other telecommunications operators in South Asia and elsewhere in the world. (S.G.) |
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