SLT expects $ 30.6 m profit in 2014

Wednesday, 29 October 2014 00:15 -     - {{hitsCtrl.values.hits}}

COLOMBO (Reuters): Sri Lanka’s leading fixed line telephone operator Sri Lanka Telecom SLTL.CM will post a net profit of Rs. four billion ($ 30.58 million) in 2014 and Rs. 4.2 billion next year, a document tabled in the country’s Parliament showed on Tuesday. Sri Lanka Telecom, in which the Government is the major stakeholder, is also expecting a net profit of Rs. 4.43 billion in 2016, a document presented to Parliament by the Ministry of Telecommunication and Information Technology showed. It posted a Rs. 3.64-billion profit in the year ended 2013 and Rs. 3.25 billion in 2012. The document, tabled in Parliament in response to questions raised by the opposition, also said the company’s total short- to long-term borrowing was Rs. 7.84 billion. The company posted 1.32 billion in profit for the six months ended 30 June, a 4% drop from the year ago period, stock exchange data showed. Malaysia’s Global Telecommunications Holdings NV, a subsidiary of Malaysia’s Maxis, the second largest investor in the firm, holds 45% in the company. Sri Lanka Telecom shares ended steady at Rs. 50 on Tuesday.