Sri Lanka Telecom (SLT) said earnings will be hit this year due to the Telecom Development Levy and its subsidiary Mobitel’s operations. Sri Lanka Telecom (SLT) said earnings will be hit this year due to the Telecom Development Levy and its subsidiary Mobitel’s operations. SLT provided Rs. 2 billion for the Telecom Development Levy in the first nine months of the financial year.
Operators are likely to get back some of the levy for rural net work rollout later.
However, the telecom regulator has not said how and when that money will be redistributed.
SLT share price fell in trade last month as the company announced a two billion rupee provision to help.
The share is currently trading a little above its IPO price at Rs. 16.50 but below the 52 week high of Rs. 23.
Investors reacted to the company announcement that profitability will be affected due to the International telecom operators’ levy.
The levy is charged on the international incoming call minutes.
SLT’s International gateway brings in the largest number of incoming call minutes.
Its CEO says the levy that will be charged to improve rural netwo