Sri Lanka Telecom Group during the first quarter 2017 has reported Rs 18.7 billion revenue, a 1.4% year on year growth.
The tax changes made by the government had an adverse impact on the Group’s revenue growth which has also had an impact in its profitability as well. The Group’s operating expenditure increased by 2.7% to Rs. 13.1 billion from Rs 12.7 billion in line with business expansions and external factors.
The impact caused by foreign currency translation losses continued due to the depreciation of the rupee against the USD. During the quarter there was a foreign exchange loss of Rs. 364 million. Owing to the above reasons and increase of depreciation by 19.7% year on year to Rs. 3.9 billion, the profit before tax and profit for the period dipped to Rs. 1.8 billion and Rs. 1.5 billion respectively.
The operating revenue of the holding company increased by 3.6% to Rs. 11.2 billion despite the external challenges as explained above. However, due to the increase of depreciation to Rs. 2.5 billion by 30% year on year and increase of foreign currency translation losses to Rs. 257 million from Rs. 64 million of same period of the last year the profit before tax and profit for the period dipped to Rs. 627 million and Rs. 545 million respectively.
As a pioneer in the ICT industry and as part of a market that shifts very quickly, the SLT assemblage continuously strives to remain technologically innovative.
The tax changes made by the government had an adverse impact on the Group’s revenue growth which has also had an impact in its profitability as well. The Group’s operating expenditure increased by 2.7% to Rs. 13.1 billion from Rs 12.7 billion in line with business expansions and external factors.
The impact caused by foreign currency translation losses continued due to the depreciation of the rupee against the USD. During the quarter there was a foreign exchange loss of Rs. 364 million. Owing to the above reasons and increase of depreciation by 19.7% year on year to Rs. 3.9 billion, the profit before tax and profit for the period dipped to Rs. 1.8 billion and Rs. 1.5 billion respectively.
The operating revenue of the holding company increased by 3.6% to Rs. 11.2 billion despite the external challenges as explained above. However, due to the increase of depreciation to Rs. 2.5 billion by 30% year on year and increase of foreign currency translation losses to Rs. 257 million from Rs. 64 million of same period of the last year the profit before tax and profit for the period dipped to Rs. 627 million and Rs. 545 million respectively.
As a pioneer in the ICT industry and as part of a market that shifts very quickly, the SLT assemblage continuously strives to remain technologically innovative.
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