July 31, Colombo: Sri Lanka Telecom PLC (CSE:SLTL) has reported that its consolidated group net profit in the three months ended 30 June 2008 rose by 168% year-on-year to 1.5 billion rupees (US$14 million), up from 560 million rupees in the corresponding quarter of 2007, on revenues that climbed 21% to 11.8 billion rupees.

SLT is one of the country’s most valuable blue chip companies with an annual turnover in excess of 40 billion rupees. Global Telecommunication Holdings N.V. of Netherlands owns 44.9% stake in Sri Lanka Telecom (SLT) immediately after conclusion of their mandatory offer to the shareholder of SLT on 2nd June 2008 and Government of Sri Lanka owns 49.5%. Balance shares are remaining with general public.

The company was also awarded an AAA (sri) rating by Fitch Ratings Lanka followed by a BB- international rating by Fitch International and Standard and Poor’s.