Sri Lanka Telecom PLC (SLT) released its Company and Group financial performance during the year 2015. The group comprises the holding Company Sri Lanka Telecom PLC and 8 subsidiaries, including the mobile arm Mobitel (Pvt) Ltd. The holding Company SLT reached the revenue milestone of Rs. 40 Bn. in the year 2015 increasing 4% from the previous year. The group reported a Rs.6.7 Bn Operating Profit during the year under review with a strong year on year growth of 19%.
Mobitel (Pvt) Ltd also continued its growth momentum recording 6.4% growth in revenues for the financial year 2015. In absolute terms, Mobitel recorded a turnover of Rs. 32.5 Bn in 2015 compared to Rs.30.6 Bn in 2014, an increase of Rs.1.9 Bn.
During the year appreciation of US Dollar against the Sri Lankan Rupee caused SLT group to incur Rs. 2.1 Bn, in translation losses as the group opted for more foreign currency denominated loans, thus taking advantage of low interest costs by utilizing its capability to repay borrowings through internally generated foreign currency in-flows.
It is worth noting that TDC refund was not received in the year opposed to Rs 1.3 Bn in 2014 thus reflected in profit before tax and profit for the year falling to Rs. 5.5 Bn and 3.7Bn respectively.