Sri Lanka Telecom profits rebound in Dec qtr

ECONOMYNEXT – Profits at Sri Lanka Telecom, a wireline operators with mobile and pay TV, rose 470 percent to 707 million rupees in the December 2017 quarter from a year earlier, helped by margin gains and an absence of forex losses.

SLT group reported earnings of 39 cents per share for the quarter. In the year to December the group reported earnings of 2.18 rupees per share on total profits of 4.3 billion rupees, which were down 17.7 percent.

In the December quarter group revenues rose 6.7 percent to 19.35 billion rupees, with costs rising at a slower 2.2 percent to 14.2 billion rupees, helping boost gross profits before depreciation to 5.0 billion rupees, up 21 percent from a year earlier.

Depreciation rose from 3.7 billion rupees to 4.2 billion rupees and operating profits rose to 508 million rupees from 248 million. Other income was 588 million rupees, up from 428 million rupees.

Last year’s profits were dragged down by a 455 million rupee forex loss as the rupee fell, but this year there was a 23 million rupee gain.

In the year to December, the group has made 22 billion rupees of investments in plant and property. The group has also spent 4.9 billion rupees on unspecified intangible assets up from 1.3 billion rupees a year earlier. (Colombo/Mar02/2018)

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