National telecom giant SLT has suffered a major setback with a loss in the fourth quarter and ending 2015 with bottom line down by 38%.
As per interim results released yesterday, SLT Group had posted an after tax loss of Rs. 383 million in the fourth quarter as against a profit of Rs. 958 million a year earlier. Pre-tax profit was 105 million, down by 94%. SLT Group revenue was almost flat with a mere 1% growth to Rs. 17 billion and operating profit was down by 66% to Rs. 235 million. Foreign exchange loss of Rs. 360 million had weighed in on SLT in the fourth quarter.
For the full year of 2015, SLT Group pre-tax profit was down by 33% to Rs. 5.5 billion and after tax profit dipped by 38% to Rs. 3.7 billion.
Foreign exchange loss was Rs. 2.1 billion which was not existent in 2014. Group revenue in 2015 was marginally up by 5% to Rs. 68 billion and operating profit improved by 19% to Rs. 6.8 billion.
Group Operating Profit Before Depreciation and Amortisation rose by 7% to Rs. 20 billion. SLT said TDC refund was not received as yet for 2015 whereas it amounted to Rs. 1.3 billion in 2014. In 2015, SLT has invested over Rs.20 billion in capacity building, introducing new technologies, improving the automation of internal processes etc.
See full statement by SLT on its interim results on P10.