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| Sunday, 21 April 2002 |
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| News Business Features Editorial
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Suntel records 17% growth in revenue Suntel Limited recorded Rs. 1.6 billion in EBITDA (Earnings Before Interest, Taxation, Depreciation and Amortisation) for the year ended December 31, 2001, as per the audited financial statements released to the Colombo Stock Exchange and its debenture holders recently. The EBITDA achieved at 51 per cent of turnover signifies a healthy position for the company and reflects an increase of 32 per cent over the EBITDA achieved in the previous year. The company was therefore able to record a net profit of Rs. 23 million for the year. Net revenue amounted to Rs. 3.1 billion, up by 17 per cent from the previous year, a Suntel news release said. The performance is commendable, given the fact that the regulatory environment remained unstable and unpredictable throughout 2001. Inability to implement the customary tariff revision during 2001, coupled with a difficult regulatory situation hindered better performance. The result for 2001 could have been enhanced significantly had the climate been more conducive to the development of the telecommunications sector, the company said. Suntel, which completed its fifth year of operation in December 2001, had invested over US$ 100 million in its extensive roll-out which includes its own Internet service. These investments represent a significant proportion of the country's infrastructure investments during the past five years. Coverage currently includes Colombo, Greater Colombo, Kandy, Matale, Kurunegala, Anuradhapura, Badulla, Panadura, Galle, Matara, Negombo, Chilaw and Avissawella. Suntel is owned by Telia, the national telecom operator of Sweden, the Metropolitan Group of Companies, Townsend Limited of Hong Kong, National Development Bank and International Finance Corporation, a member of the World Bank Group. |
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