SLT operating profits up 16%

Sri Lanka Telecom (SLT) released its financial results for the first nine months of 2012, recording Rs. 5.01 b Group Operating Profit, a growth of 16 percent Year on Year (YoY). The Group revenue has increased to Rs. 42.07 b, an increase of 12 percent YoY.

Despite the gain on foreign exchange translation in Q3 2012 due to appreciation of the rupee against Q1 and Q2, 2012 and the impressive increase in Group Operating Profits, cumulative group translation loss on exchange has diluted the Profit Before Tax (PBT) and Profit After Tax (PAT).

Normalised basis (without exchange loss on translation), the group has reported an impressive PBT of Rs. 5.76 b, an increase of 21 percent and PAT of Rs. 4.33 b, an increase of 26 percent YoY.

However, after the Loss on Exchange Translation arising from Mobitel, Group PBT and PAT declined by 11 percent and 18 percent to Rs. 4.3 b and Rs. 2.9 b.

SLT Group, Chairman Nimal Welgama said, "Consistent growth in operating profits in 2012 demonstrates our strength, resilience and aligned growth strategy of our group of companies to deliver strong results. As the catalyst in enabling ICT in the country, we will continue to invest in network modernisation, capacity and coverage expansion with a view to take ICT in our country to the next level while creating value for our stake holders." At company level, revenue for nine months YTD increased by seven percent to Rs. 25.82 b. PBT and PAT of SLT increased by two percent and three percent to Rs. 3.69 b and Rs. 2.7 b.