May 13, 2014 (LBO) – Profits at Sri Lanka Telecom, the island’s only wireline operator which also has mobile and pay television fell 66 percent to 547 million rupees, following the loss of a legal battle, interim accounts showed. The group reported earnings of 30 cents per share for the quarter.
Revenues rose 6 percent to 15.2 billion rupees in the quarter but operating costs rose at a faster 13 percent to 11.1 billion rupees, shrinking profits before depreciation to 4.1 billion rupees, down 10 percent from a year earlier.
The firm said a one-off charge was made during the quarter after a 673 million rupee payment to Just in Time Holdings in settlement of a case involving imported equipment.
Depreciation was up 12 percent to 3.1 billion rupees.