SLT ups operating profit by 19% to Rs. 6.17 b

Wednesday, 20 February 2013 01:29 -     - {{hitsCtrl.values.hits}}

The premier integrated telecommunication service provider, Sri Lanka Telecom Plc (SLT) yesterday announced its Group and Company financial results for 2012, notching up Rs. 6.17 billion group operating profit, a growth of 19% year-on-year (YoY).

Despite the gain on foreign exchange translation in the second half of the year due to the appreciation of the rupee against the first half, cumulative translation loss on exchange for the full year has diluted the Group Profit Before Tax (PBT) and Profit After Tax (PAT). On a normalised basis (without exchange loss on translation), the group has reported a  PBT of Rs. 7.2 billion, an increase of 12% and PAT of Rs. 5.25 billion, an increase of 10% YoY.

However, after the loss on exchange translation, Group PBT and PAT declined by 3.2% and 10% to Rs 5.97 billion and Rs. 4.04 billion respectively.

SLT said 2012 has been a challenging year for the Group with the increase in fuel prices, hikes in energy costs and the rise in other input costs which exerted excessive pressure on the profitability of the group. SLT Group Revenue increased by 10% YoY to Rs. 56.77 billion.

The year marked another milestone for the SLT Group as it published its maiden annual financial statements based on new Sri Lanka Accounting Standards applicable for the financial period beginning 1 January 2012.  

Commenting on 2012 results, SLT Chairman Nimal Welgama said: “As the country’s premier integrated communication service provider, the SLT Group has been a catalyst of change and transformation in post-war Sri Lanka, truly connecting the entire nation as ‘One Country. One Voice.’ During the last three years the SLT Group has spent Rs. 42 billion in capital expenditure displaying our passion and commitment to the rapid growth of ICT in the country and further strengthening the position of the SLT Group as a key contributor to the ambitious development plans of the Government. Operating results of 2012 and investments made in network modernisation, capacity and coverage expansion demonstrates our quest and vigour to add value to our stakeholders.”

At company level, revenue increased to Rs. 34.72 billion, recording a growth of 8%.This is the highest revenue growth recorded since 2006, which was driven by an impressive growth of the broadband, enterprise data, wholesale, international services and PEO TV businesses.

The company posted a PBT of Rs. 4.68 billion and a PAT of Rs. 3.36 billion, recording growth rates of 4% and 1% respectively.

SLT Publications, the publishing arm of SLT Group, delivered impressive results with revenue of Rs. 516 million and PBT of Rs. 214 million, recording growth of 25% and 116 % YoY respectively.