Ringing Loud

Dominant telecom operator Sri Lanka Telecom on Thursday, said its net profits picked up by 28 percent for year ending December 31, 2002.
SLTs group net profit ended at Rs. 2.69 bn, slightly up against previous years earnings of Rs. 2.1 bn in 2001. rn

rnRevenues were up 15 percent during the period to Rs. 25.4 bn from Rs. 22.1 bn a year earlier.rn

rnTelecom analysts were initially forecasting a 50 percent jump in profits, on the back of SLTs strong third-quarter earnings. But now attributed the difference to a revaluation of tax assets after the government changed corporate tax structures. rn

rnSLT said earnings from local call charges and lower debts boosted earnings. Telecom analysts put SLTs foreign debts at around Rs. 22 bn from earlier high of Rs. 29 bn.rn

rnBright prospects for 2003, may get dimmer when the government starts to issue the international gateway licences later this month.rn

rnSLT lost its international voice call monopoly last August and at the sametime ended its five-year