Telecom operator Suntel has seen its earnings jump 305 percent to Rs. 505 mn, though revenues were flat at Rs. 3.425 bn as at end Dec. 2003.
Sri Lankas second wireless operator said falling interest rates cut debt servicing costs and helped swell its bottomline.rn
rnFinance costs fell to Rs. 1.757 bn from Rs. 2.640 bn in 2002, which chipped off interest repayments to Rs. 572 mn from Rs. 780 mn.rn
rnDuring the period under review, Suntel saw its cash reserves surge Rs. 361 mn to Rs. 658 mn.rn
rnWith the international voice market thrown open for competition last March, Suntel has seen tariff revenues from that segment fall by around 65 percent to 70 percent overnight. rn
rnldblquote This resulted in lower international revenues for the last three quarters,
dblquote Suntel told shareholders.rn
rnIndustry giant Sri Lanka Telecom revised its tariffs last year endash usually taken as a cue by private operators to revise their rates to remain competitive. But Suntel refused to bite the bait last