May 9, 2007 (LBO) – Sri Lanka Telecom, the country’s largest fixed access operator saw after tax profits growing by 53 percent to 1.98 billion in the March quarter, on the eve of a possible shareholder and management change. Revenue grew 14 percent to 10.9 billion rupees in the quarter, according to accounts filed with the Colombo Stock Exchange.
SLT paid a 683 million rupee charge under the International Telecommunications Operator’s Levy (ITL) to the Telecommunications Regulatory Commission of Sri Lanka (TRC).
SLT said it was continuing provide for the ITL as an expense. A gazette notification in 2005 has allowed the company to claim up to two thirds of the levy as a Telecommunications Development Charge (TDC) for expanding rural networks.
“The documentation supporting the network roll-out in un-served and under-served areas has been submitted to the TRC,” SLT said.
“The estimated refund of 3,651 million rupees as at 31 March 2007 has not been recognised in the income statement, since TRC’s determination of the refund is yet awaited.”
SLT said its wholly owned cellular subsidiary Mobitel has not declared dividends for 500,000,000 12 percent 10 rupee cumu