Tele Growth

Nov 14, 2012 (LBO) – Sri Lanka Telecom group, which owns the island’s only wireline network and also has mobile and wireless fixed services, said profits in the September 2012 quarter rose 70 percent to 1.8 billion rupees from a year earlier.

“Consistent Growth in operating profits in 2012 demonstrates our strength, resilience and aligned growth strategy of our group of companies to deliver strong results,” Chairman Nimal Welgama said in a statement.

He said the SLT will continue to invest in expansion.

Group cashflow statements showed investment of 10.2 billion rupees in new plant and equipment.

The group reported earnings of 1.0 rupee per share in accounts filed with the Colombo Stock Exchange.

For the nine months to September group earnings were 1.59 rupees per share on total profits of 2.86 billion rupees, down from 3.4 billion rupees a year earlier.

The stock closed at 44.40 rupees, down 40 cents, Wednesday.

Group revenues rose 15 percent to 14.5 billion rupees in the September quarter and operating costs rose 20 percent to 9.88 billion rupees and the firm grew operating profits 8 percent to 4.69 billion rupees. Depreciation was flat at 2.8 billion rupees from a year earlier.

During the quarter