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SLT experiences a 31% fall in Q3′08 net profits (Sri Lanka)

  • November 28th, 2008
  • 1:28 pm

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.

   

SLT’s net profit rise to 168% (Sri Lanka)

  • July 31st, 2008
  • 12:24 pm

With its new mobile subsidiary , Sri Lanka Telecom’s profit nearly trippled to 1.5 billion rupees. The stock was up 3.33 percent on the colombo stock exchange, after hitting a high of 47.50, although volumes were small.

In the same quarter of june last year profit was 560 million rupees. But this year SLT net profit shot up 168 percent to 1.5 billion rupees in the quarter ending june. Group revenue went up 21 percent to 11.8 billion rupees over the same period last year. Mobitel, helped boost SLT’s profit. In the March quarter Mobitel contributed a third of SLT’s nearly 1.7 billion rupees profit.

SLT’s new ADSL lines suspended

  • July 16th, 2007
  • 3:29 pm

Sri Lanka’s Telecommunications Regulatory Commission (TRC) has asked Sri Lanka Telecom (SLT) to suspend issuing new ADSL lines until its services are upgraded, acting on subscriber complaints of poor quality connections. The regulator’s director General Kanchana Ratwatte told The Sunday Times that the request was made to SLT last week to stop issuing new ADSL lines, after testing determined that service quality had ‘deteriorated drastically over the last month or so.’ Ratwatte said the LKR1000 (USD9) entry level DSL package offered by the incumbent telco was becoming increasingly popular, but the operator had not completed the necessary international backbone improvements to cope with demand. He stated that: ‘it is not an expensive process and SLT has already initiated action and they wanted a fortnight from the first of July [to finish upgrades].’

   

SLT extends CDMA net to conflict zone (Sri Lanka)

  • July 5th, 2007
  • 8:04 am

Sri Lanka Telecom has expanded its CDMA wireless in the local loop (WiLL) network to the war-torn Jaffna peninsula. Jaffna security forces commander Major General G A Chandrasiri inaugurated the fixed-wireless service in the northern province, which will receive 2,000 connections in an initial rollout phase.

 

   

State approves NTT’s sale of SLT stake to Maxis parent

  • May 26th, 2007
  • 8:49 am

Sri Lanka’s government yesterday gave its approval to Japan’s Nippon Telegraph and Telephone (NTT) to sell part of its stake in former fixed line monopoly Sri Lanka Telecom (SLT) to Malaysian company Usaha Tegas Sdn Bhd, the parent of Maxis Communications. NTT, which owns a 35.2% stake in SLT, has been allowed to sell a 25.3% tranche, leaving it with a 9.9% holding. NTT paid USD225 million for its stake in 1997. The Sri Lankan government retains 49.5% of SLT’s equity, with the balance held by the public and employees. Usaha Tegas is owned by Malaysian tycoon T. Ananda Krishnan.

In related news, Sri Lankan Minister of Information and Media Anura Priyadarshana Yapa yesterday scotched recent rumours that the government is planning to sell its shares in SLT.