SLT’s net income slumps 75% as it expands mobile, data areas

11 Aug 2009

Sri Lanka Telecom (SLT) witnessed its net profits falling by 75% year-on-year to LKR375 million (USD3.3 million) in the quarter ended June 2009, as revenues stayed flat at LKR11.74 billion, despite growth in the data/internet and mobile sectors, the company said, as quoted by Lanka Business Online. Partly due to network expansion at the telco’s mobile unit Mobitel, operating costs rose 26% to LKR7.39 billion, whilst wireline revenues dropped 18% to LKR6.46 billion, fixed-wireless access turnover fell 12% to LKR2.42 billion, and sales from international call services declined 10% to LKR4.1 billion. Mobitel’s subscribers grew by 61% y-o-y to 2.993 million at end-June 2009, with revenues up 40%, although the unit’s net profit fell 63%. SLT also noted that its IPTV service had reached 10,000 subscribers, amongst an ADSL broadband customer base of 120,000.

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