Aug 06, 2013 (LBO) – Profits at Sri Lanka Telecom group dropped 10 percent to 713 million rupees in the June 2013 quarter from a year earlier, and firm said it was continuing to invest in new technology to meet customer needs. The group reported earnings of 1.60 rupees for the quarter interim accounts filed with the Colombo Stock Exchange showed.
In the six month to June the group reported earnings of 1.29 rupees per share, on total profits of 2.29 billion rupees, up 82 percent from year earlier.
In the first half of 2013 there was a 1.9 billion rupee forex loss.
Sri Lanka Telecom, the country’s sole wireline operator, also owns Mobitel, a cellular firm and pay TV services.
Group revenues rose 4 percent to 14.7 billion rupees in the June 2013 quarter from a year earlier, but costs rose at a faster 10 percent to 10.58 billion rupees, shrinking profit before depreciation to 8 percent to 4.1 billion rupees.
Depreciation rose 4 percent to 2.8 billion rupees and amortization rose 23 percent to 161 million rupees. Operating profits narrowed 32 percent to 1.1 billion rupees.
There was 367 million rupees telecom development levy inflow. The firm also suffered a 421 million rupee forex loss (down 11 perc