Sri Lanka Telecom net down 38-pct

ECOOMYNEXT – Profits at Sri Lanka Telecom, which has wireline and mobile, fell 38 percent to Rs1.09 billion in the June 2016 quarter with fixed access revenues flat, interim accounts showed.

The group reported earnings of 61 cents per share for the quarter. During the six months to June, the group reported earnings of Rs.56 per share, on total profits of Rs2.9 billion, which was down 13 percent.

At the core, wireline firm revenues in the June quarter rose 4.8 percent to Rs10.506 billion from a year earlier, but were down 2.3 percent from Rs10.8 billion reported in the March quarter.

Revenue was driven by its mobile unit.

Sri Lanka has seen a decline in fixed line voice business, with fixed wireless connections being discontinued. However, wireline access is now driven by data.

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