SLT Group reports stable revenues for Q12023
View(s):Sri Lanka Telecom Group (SLT Group), has recorded consolidated revenues of Rs. 26.6 billion for Q1 2023, an increase of 2.1 per cent, compared to the same period last year, led by robust growth at company level from SLT, demonstrating resilience and optimism in the future undeterred by the challenging environment.
The SLT Group’s revenue growth was mainly driven by SLT company revenues of Rs. 17.6 billionn recorded for the quarter, an increase of 10.7 per cent, from last year’s corresponding period.
However group revenues were weighed down by the mobile services arm of the group, the company said in a media release.
SLT Group Chairman, Rohan Fernando stated, “We are proud of the stride we have made towards stabilising our business, unifying our operations and platforms, and transforming into a future-ready technology company. However, the true testament to our success lies in our lean and target-based operational structure, which has enabled us to weather the most trying circumstances and emerge with optimism for the future.”
Overall, SLT Group profitability was impacted by direct operational costs. At group level, direct costs swelled to Rs. 15.9 billion, an increase of 7.6 per cent year-on-year, while at the company level it was at Rs. 9.8 billion, a rise of 6.8 per cent.
The escalation in costs was related to international payments, electricity tariff hikes and annual maintenance charges to foreign vendors.
Group operating profit has been impacted by the hike in operating expenses which includes an increase in utility cost attributed to the tariff increase, international payments, and annual maintenance costs because of the depreciation of the local currency against the USD and inflation that prevailed in the country. However, at Company level, SLT recorded a healthy YoY increase of 74.4 per cent in operating profit. Overall, at group level, Profit Before Tax has reduced by 54 per cent YoY mainly driven by finance costs due to the massive increase in interest rates.
Eliminating forex losses shows an improvement in earnings at Company level for the quarter under review. Profit before Tax after eliminating forex loss at company level is Rs. 1.1 billion. Additionally, normalized Profit after Tax by eliminating forex impact is Rs. 0.9 billion at company level.
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