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SLT Group posts 3Q 2023 results with moderate growth

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Janaka R Abeysinghe

The SLT Group released its financial results for the third quarter ending September 30, 2023, presenting moderate growth. SLT PLC reported a revenue of LKR 17,490 Mn with a growth of 3.7%, while Mobitel recorded 2.7% de-growth during Q3’23 compared to Q3’22.

The Group’s consolidated revenue for the quarter increased by 3.9% to LKR 27.7 Bn, compared to LKR 26.7 Bn in Q3 2022. SLT PLC revenue growth was driven mainly by growth in broadband, PEOTV and enterprise revenue streams. During the 3rd quarter, Mobitel regained its growth after several quarters of decline and revenue has begun to increase in Q3 with a 3% growth over Q2.

Compared to Q3 2022, SLT Group’s operational expenditure (Opex) increased by 13.3% in Q3 2023 to LKR 19.7 Bn. Major causes of SLT’s rising Opex are increased costs related to electricity, repair and maintenance. Despite the growth in revenue that was recorded, SLT was unable to match the increase in costs which has impacted SLT’s profitability.

For the 9 months ending September 2023, SLT Group’s Opex was LKR 57 Bn, a 14.9% increase from LKR 49.6 Bn in the same period last year. Cost surges are attributed to economic conditions such as higher electricity tariffs, LKR devaluation against USD, and import restrictions.

The SLT Group’s financial performance in Q3’23 was significantly impacted by a steep decline in profitability of its subsidiary, Mobitel. Group EBITDA decreased by 13.7% compared to the corresponding quarter in previous year, primarily due to decrease in Mobitel EBITDA. The drop in revenue and increase in Opex, have led the Mobitel EBITDA to decrease during Q3’23. Accordingly, Group Operating Profit also dropped by 81% during the quarter. Group PAT decreased by 208% mainly due to Operating loss in Mobitel as well as increase in finance cost of SLT PLC.

However, Mobitel profitability has improved notably in Q3’23 compared to Q2’23 as Mobitel records an increase in EBITDA by 36%, EBIT by 93% and NPAT by 44% due to the growth in revenue and optimization of business parameters. Tighter cost controls and revenue growth initiatives at Mobitel, along with lower finance costs, will be critical to restoring the Group’s profit trajectory going forward.

Janaka R. Abeysinghe, CEO of Sri Lanka Telecom said, “The third quarter of 2023 continued to be challenging for SLT Group due to the ‘country’s economic conditions.

However, through concerted efforts to optimise operations and carefully managed costs, SLT and Mobitel have been able to arrest further deterioration of the situation compared to the previous quarters, which appears to be stabilizing. Our persistent focus on delivering high-quality telecommunication services and arresting the high churn seen earlier has provided positive results. As a Group, we remain fully committed to overcoming the current challenges and providing seamless connectivity to all Sri Lankans.”



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BOC Maldives Celebrates 45 Years of Banking Excellence and Unveils New Digital Banking Initiative

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Established in 1981, BOC Maldives has grown steadily over the years, building a reputation as a trusted banking partner. BOC Maldives forms an important part of Bank of Ceylon’s international network, connecting the bank’s operations in London, Chennai, Seychelles, Malé and Hulhumalé. Within this network, BOC Maldives occupies a unique position due to its presence in a tourism-driven economy and its role in facilitating banking relationships associated with trade, investment, foreign currency transactions, and broader regional business activities.

Bank of Ceylon (BOC) Maldives recently celebrated its 45th anniversary, marking a significant milestone in the bank’s longstanding contribution to the Maldivian banking sector and its commitment to fostering economic growth and financial inclusion in the Maldives. A special customer felicitation ceremony was held to recognise long standing relationships with key customers and business partners with the participation of Bank of Ceylon’s Chairman Mr. Kavinda de Zoysa, General Manager/CEO Mr. Y.A. Jayathilaka, Acting Senior Deputy General Manager/Head of Global Markets Mr. G.A. Jayashantha, and Chief Manager of the Overseas Branches Division, Mr. Harischandra Hewage together with Country Manager Ms. Manjula Herath and the staff of BOC, Maldives.

The ceremony reflected the bank’s appreciation for the trust and confidence placed in BOC Maldives over the years and underscored the importance of maintaining strong and mutually beneficial partnerships. Addressing the gathering, senior representatives of the bank highlighted the institution’s journey over the past 45 years and emphasized the branch’s contribution towards strengthening economic ties between Sri Lanka and the Maldives. They also acknowledged the invaluable support extended by customers, stakeholders, regulatory authorities, and employees who have contributed to the branch’s success throughout the years.

One of the key highlights of the event was the announcement of the upcoming launch of Internet Banking services in the Maldives. This initiative represents another significant step in the bank’s digital transformation journey and its ongoing efforts to enhance customer convenience and accessibility. The branch has consistently embraced advancements in banking technology to improve customer service and operational efficiency. Notably, BOC was the first bank in the Maldives to introduce Automated Teller Machines (ATMs), demonstrating its pioneering approach to banking innovation within the country.

The anniversary also offered an opportunity to reflect on the legacy built by BOC Maldives since its establishment. Over the years, the bank has been associated with financing and supporting projects in government, infrastructure, tourism, resort development, construction, real estate, wholesale and retail trade, housing, fisheries, and aviation. Earlier milestones in the bank’s Maldivian operations have also recognized its role in supporting major national and sectoral projects, including airport-related development, government sector financing, and the Hulhumalé Reclamation Project Phase II.

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Blue Lanka Tours launches employee mental health and wellness programme

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Participants of the event

Blue Lanka Tours recently launched a mental health and wellness initiative aimed at promoting employee wellbeing and fostering a healthier workplace culture.

The programme, titled Compass, was held at the ITC Ratnadeepa in Colombo, bringing together employees for a series of sessions focused on mental health awareness, healthy living and personal development.

Addressing the event, Blue Lanka Tours Founder and Managing Director Dinesh N. Perera said the company’s responsibility extended beyond serving international visitors to ensuring the wellbeing of its employees.

“When we say we are a responsible company, it also means we are a responsible employer who recognises workplace pressures, personal responsibilities and the demands of modern life,” he said.

Wellness Facilitator and Mindset Coach Tanuja Perera Raymond conducted a session on building confidence, emotional balance and workplace performance through practical daily habits. Counselling Psychologist and Mind Leap Counselling Services Founder Dulari Ranasinghe discussed strategies for managing stress, overcoming emotional challenges and developing healthier personal relationships.

Fitness and Nutrition Coach Shane Ramenaden led the final session, highlighting the relationship between physical health and workplace productivity through posture improvement, mindful decompression, nutrition and healthy lifestyle practices.

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ICAO Asia-Pacific Director joins NGAP aviation awareness programme in Kandalama

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A winner of the art competition receiving her certificate

The Civil Aviation Authority of Sri Lanka (CAASL) conducted the Next Generation of Aviation Professionals (NGAP) Sri Lanka Programme at D.S. Senanayake Maha Vidyalaya, Kandalama, recently bringing together around 400 school students to promote awareness of aviation-related careers.

The programme, organised through the CAASL Civil Aviation Promotion Unit under the leadership of Director General of Civil Aviation and Chief Executive Officer Captain Daminda Rambukwella, aimed to inspire students to explore opportunities in the aviation sector.

ICAO Asia and Pacific Regional Director Tao Ma attended the event as chief guest, reaffirming the International Civil Aviation Organization’s support for initiatives that encourage youth participation in aviation and contribute to the sustainable growth of the global industry.

Students from D.S. Senanayake Maha Vidyalaya and several schools in the Galewela Education Zone participated in the programme, which featured interactive sessions, presentations by aviation professionals, and educational activities designed to enhance knowledge of the sector.

The programme commenced with a model aircraft flying display, which drew significant interest from students while demonstrating basic principles of flight and aircraft operations.

An aviation-themed art competition was also held, with ICAO officials and CAASL representatives reviewing student artwork and commending their creativity and enthusiasm.

Speaking at the event, Tao Ma praised Sri Lanka’s efforts to promote aviation awareness among youth, noting the importance of developing the next generation of aviation professionals.

Director General of Civil Aviation and Chief Executive Officer of the Civil Aviation Authority of Sri Lanka, Captain Daminda Rambukwella highlighted the role of the NGAP initiative in building a future-ready aviation workforce and encouraged students to consider careers in the expanding sector.

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