Sri Lanka Telecom net down 70-pct in Sept

Nov 16, 2015 (LBO) – Sri Lanka Telecom said September 2015 quarter net profit fell 70 percent to 630 million rupees from 2014, interim accounts showed.

The Company’s earnings per shares fell to 0.35 rupees for the September quarter from 1.15 rupees in 2014 while for the first nine months EPS fell 19 percent to 2.28 rupees, accounts filled with the Colombo Stock Exchange said.

STL’s September quarter sales grew four percent to 17.3 billion rupees.

The Company said that profits were hit by foreign exchange losses from the depreciation of the rupee and that the that a foreign exchange loss of 1.4 billion rupees was seen during the September 2015 quarter.

“Foreign currency translation losses relating to foreign currency denominated borrowings due to the sudden depreciation of the rupee against the US dollar,” the Company statement said.

“Most of the borrowings of the group are dollar denominated.”