Sri Lanka Telecom PLC (SLT) the leading Digital Lifestyle Service Provider in Sri Lanka, concluded the financial year 2019 on a high note, with 28% YoY growth in Profit After Tax (PAT) at Rs. 6.3 bn.
The impressive growth was strongly underpinned by the increase in revenues by 6% YoY recorded at Rs. 86 bn.
The Group’s robust plans directed at achieving strong performance amidst the market competition paved the way to attain positive contributions in all key business segments of fixed and mobile broadband, global business, career domestic, enterprise intelligent business solutions, PEO TV services, national backbone services and digital services whilst managing the operational efficiency.
The Group’s EBITDA rose to Rs. 30 bn reflecting a 17% increase compared with the year before, improving the EBITDA margin to 34.9% from 31.4% in 2018 due to the improved revenues and operational efficiency. The operating profit grew by 12% YoY reaching Rs. 8.5 bn in the year under review.
The interest cost increased by Rs. 1.8 bn to Rs. 2 bn as a result of increased borrowings to finance the growing capital expenditure in order to align with the global technological trends and fulfilling the changing customer demands.
The FOREX loss was managed at Rs. 443 mn for the year from Rs. 1.8 bn in 2018 as a result of the reduction of foreign currency denominated borrowings and effective hedging strategies. The Profit Before Tax (PBT) stood at Rs. 8.2 bn, a 15% YoY growth.
SLT Group paid over Rs.25 bn Direct and Indirect taxes and other contributions to the Government of Sri Lanka during the year 2019.
Rohan Fernando, the Group Chairman said, “2019 was yet again a tremendous year to SLT demonstrating a remarkable financial performance, managed with an eye towards not only on the short-run, but on the long-run as well. The strength of the Group lies on the expertise, commitment and the loyalty of the management team and the staff. The telecommunication industry continues as an attractive sector, whilst changing customer preferences and rapid technological trends bringing both challenges and opportunities. Innovative thinking, eagerness to change and capability to invest in new technologies lead to thrive in the new digital marketplace. I’m confident that SLT will reach new and greater heights in 2020 and in the years ahead”.
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