May 15, 2013 (LBO) – Profits at Sri Lanka Telecom group the island’s sole wireline operator which also has mobile services rose 226 percent to 1.6 billion rupees recovering from forex losses suffered last year. The group reported earnings of 89 cents per share.

Revenues rose 5 percent to 14.4 billion rupees in the quarter and operating costs rose at a faster 12 percent to 9.8 billion rupees slowing profits before depreciation amortization 6 percent to 4.6 billion rupees.

At standalone company level, which contains the core wireline revenues grew 1 percent to 8.7 billion rupees.

Interest expenses fell 10 percent to 209 million rupees and SLT showed a forex gain of 39 million rupees against a loss of 1.4 billion rupees last year.

In the first quarter of 2012, the rupee depreciated sharply generating losses in foreign exchange denominated loans.