Lankapage Logo CP 19 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka Telecom Group 2018 profits up by 25.58%
Sat, Feb 23, 2019, 11:56 am SL Time, ColomboPage News Desk, Sri Lanka.

Feb 23, Colombo: Sri Lanka's national telecommunication service provider, Sri Lanka Telecom (SLT) has released its financial performance for the year ending 31st December 2018.

The Group comprises of the holding Company and eight subsidiaries including the mobile arm, Mobitel (Pvt) Ltd having a subscriber base of over 9 million.

The Group posted a revenue of Rs. 81.44 billion during the year under review with impressive growth of 7.53%. The growth was reported in all segments. However it was largely driven by Enterprise and Carrier related businesses, FTTH, IP TV and Data related services together with mobile operations. Understanding the world-wide trends, the Group is now more focusing on data related products.

During the year under review the Group reported Rs. 36.64 billion Gross Profit with 12.66% year on year growth. Net Profit after tax of the Group for the year 2018 was reported at Rs. 4.95 billion with an impressive growth of 25.58% compared to the previous year. Owing to the better management of operating costs coupled with decent growth in revenue, the Group has been able to record this strong growth of profit despite the negative impact of Rs. 1.81 billion recorded due to FOREX losses. The Group EBITDA margin was reported at 31.38 % compared to 28.00 % in the previous year.

Kumarasinghe Sirisena, Group Chairman stated that "It is a testament to the Group's leading telecommunication service provider status as well as the public's faith in the Group that despite challenges, Sri Lanka Telecom is able to go from strength to strength each year. I am confident that the coming year too will see a substantial growth as SLT has laid the groundwork for a sustainable future, especially through its strategic transformational journey into a Digital Service Provider."

At Company level, Rs. 47.39 billion revenue was reported during the year under review. As explained above the FTTH, IP TV and data related services together with Carrier related and Enterprise businesses have largely driven the revenues to this level. The Company Gross Profit was reported at Rs. 19.13 billion with year on year growth of 6.00%. Exhibiting a Year on Year growth of 33.47%, company Net Profit after tax reached to the level of Rs.1.91 billion. Profit was largely impacted by the Rs. 1.20 billion FOREX losses.

However, the growth of revenue and better management of operating costs have boosted the profits. The Company has taken initiatives to mitigate any future FOREX losses using hedging strategies.

"Revenue growth coupled with marginal cost escalations, the Company EBITDA margin reached to 28.40% from 25.55% of the year before. As a strong Group of Companies however we need to be ready and knowledgeable to steer through challenging market conditions and managing our resources to maximize our capacity. I am proud that SLT is a resilient Group. Our Numbers speaks volumes," said Kiththi Perera, CEO of the holding Company.

Priyantha Fernandez, COO added "Our Island wide reach has been strengthened by restructuring the operations. Our digital transformation and IT diversification has enriched digital based products and services to increase customer experience and customer satisfaction. We strategically focus on operational excellence in all segments."

 

ColomboPage - Recent 10 Stories ::
Cyber attack on foreign embassy and other web sites in Sri Lanka
-- [3 hours ago]
Sri Lanka marks a decade of peace today amid threats
-- [4 hours ago]
Sri Lanka business chamber urges corporate leaders to act as a catalyst to build peace and revive the economy
-- [4 hours ago]
Christell Skin Clinic first skincare provider in Sri Lanka to acquire ISO 9001 certification
-- [6 hours ago]
Human Rights Watch says still no justice for Sri Lanka's victims of war ten years after
Best tribute to fallen war heroes is to ensure no recurrence of any war - Army Commander
Sri Lanka President committed to change social conditions that lead to increase in crimes
Sri Lanka President pardons 762 prisoners on the occasion of Vesak
Sri Lanka's EFL charting a course towards a sustainable logistics industry with voluntary ISO 14064 Certification
Special security arrangements for the devotees during Vesak

Copyright © 2000, 2016 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.