SLT Group operating profit up 37%, revenue - Rs. 63.9 bn

Sri Lanka Telecom PLC (SLT), in its financial results for the first nine months of 2019, has shown strong growth. Profit After Tax (PAT) of the group for this period was reported at Rs. 5 billion with a 25 per cent YoY growth compared with the same period the year before.

Group revenue was recorded at Rs. 63.9 billion, a 6 per cent growth against 2018, it said in a media release.

“Despite the challenges on voice revenue due to the boom in the Internet consumption, all other segments of the group positively contributed for the revenue growth. The revenues are expected to further rise in the future with the ongoing accelerated Fiber Expansion Project under the Nat i o n a l F i b e r i z a t i o n Programme,” it said.

Operating profit was recorded at Rs. 7 billion, a 37 per cent YoY growth, it said adding that the group paid a total of Rs. 20.1 billion in direct and indirect taxes and other contributions to the Government during the nine months ending September 2019.

The company’s accelerated Fiber initiative of SLT to develop 2 million FTTH ports by 2022 connects every household, government and business institution to enjoy ultrahigh speed broadband access with lowest latency and avail an array of high definition audio and video entertainment and digital services.

Kumarasinghe Sirisena, Group Chairman, said: “Our nine months results marked a remarkable financial performance despite heavy competition and other industry challenges. The unprecedented speed and magnitude of change today in the telecommunication industry demands the courage to challenge convention and explore new directions, spot opportunities and take calculated risks to reach business objectives. SLT’s transformational journey towards a SMART Sri Lanka, has expanded our reason for being in business. As a team, we continuously strive for excellence, always accomplishing better than yesterday.”

With an impressive YoY growth of 165.5 per cent, the holding company reported a PAT of Rs. 3.4 billion for the first nine months of the year.

Continuing the growth momentum, company revenue recorded at Rs. 37.4 billion was a 6 per cent YoY growth while maintaining the operating costs at Rs. 34 billion.