SLT on Friday released its Group and Company financial results for the quarter ending 31st March 2010, showing a substantial increase in the Group net profit after taxation compared to the previous quarter.
The company said that although there was severe competition in the market during the 1st quarter of the year, the Company and the Group have recorded post-tax net of Rs.415 million and Rs.609 million, respectively even after provisioning of Rs.188 million for VRS cost – mainly due to the impressive performance of the subsidiary Mobitel, the mobile arm of SLT.
Releasing the results, the Group Chairperson, Ms. Leisha De Silva Chandrasena stated that “due to the strategic
initiatives taken by SLT to face the effects of turbulent market conditions in the industry and the strong resilience shown by SLT in the face of challenges, the Group has been able to achieve good results. Mobitel, our mobile arm has contributed significantly to increase SLT Group profit through good performance in the face of strong competition”.
During the 1st quarter, the Company and the Group achieved operating revenues of Rs.8.1 billion and Rs.12 billion, respectively showing a marginal increase compared to the previous quarter, with some improvements on a corresponding quarterly basis in the Group.