May 26, 2008 (LBO) – Sri Lanka Telecom, the island’s top fixed line-operator, March quarter group net profit fell 16 percent to 1,663 million rupees from a year ago as a tariff cut and rising costs took their toll. Sri Lanka Telecom’s full-year group profits for 2007 were up four percent at 5.6 billion rupees. According to interim results filed with the Colombo stock exchange, group revenue rose six percent to 11,600 million rupees in the quarter ending March 31, 2008,
At company level the fall in profit was even sharper, down 30 percent to 1,363 million rupees, with revenue down three percent to 9,389 million rupees.
Group operating costs went up 22 percent to 5,572 million rupees.
The downturn in the first quarter earnings came after a 17 percent fall in SLT group December 2007 quarter profit.