SLT experiences a 31% fall in Q3’08 net profits (Sri Lanka)
Sri Lanka Telecom reports a fall of 31% in its Q3’08 net profits on a y-o-y basis, driven by inflation and higher costs. The Sri Lankan operator says that its ended Q3’08 with a net income of $11.2 million, dip by $0.016 million since 2007, even the Q3 revenues grew by 4% since last year to $0.106 million. ‘High costs, led by high inflation in the third quarter, was the main reason for the fall in net profit,’ said Upali Mahamithawa, head of investor relations at SLT.
