COLOMBO, Nov 14, 2014 (EconomyNext) – Sri Lanka Telecom (SLT) said net profit rose 32 percent to 2,061 million rupees in the September 2014 quarter from a year ago with a hefty foreign exchange loss previously turning into a gain.
The state-owned group, which provides both fixed and mobile phone services, reported basic earnings per share of 1.15 rupees, according to unaudited results filed with the Colombo Stock Exchange.
Group revenue in the July-September quarter rose eight percent to 16.6 billion rupees from a year ago.
SLT made a foreign exchange gain of 18 million rupees in the quarter compared with a loss of 247 million rupees the previous year.
The group reported reaching a settlement with the Colombo Municipal Council on an increase in assessment tax of 8.4 million rupees per quarter from 2006, without giving details, with a court case to be withdrawn in January 2015.
For the nine months to September, SLT group reported EPS of 2.79 rupees, with total profit up 29 percent to five billion rupees. Group revenue rose eight percent to 48 billion rupees.
"This increase was driven by non-traditional revenue streams such as internet, wholesale, global, international and IPTV," a statement said, adding that the company introduced a new IPTV system with high capacity to meet increasing demand.
After-tax profit of SLT’s mobile arm Mobitel (Pvt.) Ltd. rose 62.5 percent to 2.6 billion rupees in the first nine months of 2014 with sales growing 11 percent to 22.7 billion rupees.
"This growth was mainly driven by the seven percent increase in Mobitel subscribers both in voice as well as in data."