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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » SLT Group posts Rs 3.5B net profit in first half

SLT Group posts Rs 3.5B net profit in first half

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Melissa Pereira


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Sri Lanka Telecom, has increased its profits for the first half of 2015. The group comprises the holding company Sri Lanka Telecom (SLT) and its eight subsidiaries including Mobitel (Pvt) Ltd.
The group reported revenue of Rs. 33.5 bn during the first six months of the year 2015, with a 7% growth compared to the same period of the previous year. Both Fixed Telephony and Mobile Segments have contributed to the growth. Mobitel has displayed an impressive performance in revenue and profits generation during the 1st half of 2015.
SLT Group CEO Dileepa Wijesundera said the SLT Group is poised for further growth through customized Enterprise ICT solutions, Next Generations' Broadband internet solutions including; Ultrafast Fibre Optic connections and wireless 4G/LTE services with expanded coverage in to the green fields. Also this growth will be backed by feature-rich PEO TV facilities offered through the recently introduced modern IPTV platform."
The group operating costs have been managed at Rs. 22.6 b during the period under review, with an escalation of 4% year on year, which is below the increasing rate of revenue.
The group reported Rs. 4.4 bn Profit Before Tax during the 1st half of 2015, which is 8% year on year growth after surpassing the negative impact arising from Rs. 363 mn foreign exchange loss incurred during the period under review against the Rs. 99 mn gain in the previous year and zero TDC refunds compared to Rs. 699 mn of the same year.
The group profit for the first half surged by 17% to Rs. 3.5 bn. The group Annualized Earnings Per Share improved to Rs. 3.85 from Rs. 3.29 compared to that of the first half of 2014.
SLT continued to maintain the revenue growth at 5% during the first half of 2015, compared to the same period in 2014. Surpassing the challenges for fixed voice revenue, the local non - voice revenue streams have driven the growth. The company has been able to maintain its operating costs at Rs. 14.4 bn, during the 1st half of 2015, which was a marginal increase from the same period from the previous year, resulting from effective cost control initiatives that were introduced throughout the company.
"EBITDA was up by 16% year on year to Rs. 5.5 bn. EBITDA's margin had improved to 27.5% during the period under review when compared to 24.9% to the year before. 
Courtesy: Daily News 14 August 2015

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