Tele Profits

Feb 20, 2012 (LBO) – Sri Lanka Telecom group, the island’s only wireline operator which also has a mobile unit has reported profits of 877 million rupees for the December 2012 quarter down 29 percent from a year earlier. SLT Publications had seen revenues grow 25 percent to 516 million rupees and pre-tax profits growth 116 percent to 214 million rupees.

The group reported earnings of 49 cents per share. For the year to December, the group reported earnings of 2.24 rupees per share on total profits of 4.0 billion rupees which fell 10 percent, according to accounts filed with the Colombo Stock Exchange.

In the year to December the group had a 1.2 billion rupee forex loss due to a weakening Sri Lanka rupee especially in the first half of 2012.

In the December quarter the group made forex gains of 250 million rupees as the currency strengthened due to less tighter monetary policy.

Revenues rose 7.8 percent to 14.6 billion rupees in the quarter, and expenses rose at a faster 12 percent to 10.7 billion rupees shrinking gross profits 2.8 percent to 3.9 billion rupees.

Profit after depreciation and amortization fell 21 percent to 950 million rupees.

Chairman Nimal Welgama said SLT group had spent