SLT’s profits up 41%, revenues rise 25%, helped by CDMA sales

16 May 2006

Sri Lanka Telecom (SLT) has reported net profits for the first quarter of 2006 of LKR1.5 billion (USD14.7 million), up 41% compared to 1Q05, despite continued losses from its mobile subsidiary and a levy on international calls. The operator’s revenues rose 25% year-on-year to LKR8.6 billion. Sales of CDMA fixed-wireless phones during the quarter were ‘very good’, with the telco connecting around 70,000 new CDMA customers, to bring its total to around 100,000 since launching the service in November 2005. During the quarter under review, SLT’s fully owned mobile subsidiary Mobitel posted a LKR223 million loss. SLT says it paid out LKR511 million during the quarter in taxes on international incoming calls.

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