Sri Lanka Telecom has posted net profit of LKR1.7 billion (USD15.5 million) for the first quarter of 2011, up 114% year-on-year. The telco attributed the increase to a 2% rise in revenues to LKR12.3 billion, coupled with reduced operating expenses. Wireless division Mobitel saw revenue reach LKR384 million for the quarter, up from LKR204 million one year earlier. The cellco’s subscriber base increased 13% year-on-year, reaching four million at 31 March 2011.
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