Sri Lanka Telecom Sept net profit down 60-pct, sales flat

ECONOMYNEXT – Sri Lanka Telecom (SLT) said net profit fell 60.4% to Rs730 million in the September 2017 quarter from a year ago as sales remained flat while costs rose sharply.

Quarterly earnings per share fell to 40 cents from Rs1.02 the previous year, according to interim accounts filed with the stock exchange. The stock was last traded at Rs29.30.

September 2017 quarter sales were flat at Rs19 billion while operating costs rose and depreciation and amortisation costs were sharply higher, the accounts showed. Other income was lower.

In the nine months to September 2017, pre-tax profit from fixed ICT operations fell sharply to Rs994 million from Rs2.4 billion while mobile phone unit profit also fell to Rs3 billion from Rs3.7 billion. 

EPS fell to Rs1.79 in the nine months to September 2017 from the previous year’s Rs2.59 with net profit down 32% to Rs3.2 billion from Rs4.7 billion over the period.
(COLOMBO, November 17, 2017)

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