Business
SLT Group demonstrates resilience in delivering value to nation despite challenges
Sri Lanka Telecom Group (SLT Group) recorded a consolidated revenue growth of 5.4% to Rs 26 Bn in Q1 2022, in comparison to the corresponding period in the previous year. Group Profit After Tax (PAT) in the same period was recorded at Rs. 2.7 Bn, demonstrating the SLT Group’s resilience despite challenging economic conditions. Beginning the new year, the Group continued its focus on digital transformation agenda, streamlining the cost base and automating processes while delivering and creating value for stakeholders and the nation.SLT Group’s EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) recorded a 9.9% YoY growth to stand at Rs. 10.7 Bn with the EBITDA margin improving to 41% for the quarter against 39.4% in the corresponding period of the previous year. The Group recorded a Profit Before Tax (PBT) of Rs 3.5 Bn for the quarter.The Group’s revenue growth was primarily driven by the increased broadband revenues resulting from the ongoing accelerated Fibre Expansion Project under the National Fiberisation Programme and due to the expansions and upgrades in the 4G/LTE network. The investment towards fiberisation and the aggressive roll-out and marketing of fibre solutions paid off as it contributed to achieve Q1 targets for the Group with increased consumer demand. Further, the Group saw an increase in PEOTV revenues due to the accelerated Fibre Expansion Project. The Group’s revenue from Career Domestic services too improved during the period.
SLT Group Chairman, Rohan Fernando stated, “The first quarter of 2022 proved more challenging than we had expected, however SLT-MOBITEL overall performance reflected the resilience and strength of our portfolio. Throughout 2022 we aim to continue to deliver value for all stakeholders reinforcing our support to bridge the digital divide serving the Nation and our people. Prudent financial discipline was also a key factor in our success”.The Operating Cash Flows of the Group grew to Rs. 16.3 Bn, up by 35.3% YoY. The Group recorded a favourable cash and cash equivalents position of Rs. 31.6 Bn as at the end of the quarter. SLT Group’s contribution to the Government of Sri Lanka during the first quarter, 2022 amounted to Rs. 4.2 Bn. in direct and indirect taxes including levies.
SLT Group Chief Executive Officer, Lalith Seneviratne added, “We continue to invest in the best of emerging technologies, including networks and digital capabilities, and continue our efforts to deploy an innovative portfolio of products and services implementing the transformation of the company.”Sri Lanka Telecom PLC (SLT), the holding company of the Group, recorded Rs. 4.1 Bn. in Profit After Taxes for Q1 2022. Revenue for the quarter recorded at Rs. 15.9 Bn whilst the EBITDA and Operating Profits stood at Rs. 6.3 Bn and Rs. 1.1 Bn respectively.SLT Chief Executive Officer, Janaka Abeysinghe commented, “We are on track for business growth and improved profitability, driven by rapid adoption of broadband services, fiberisation and increased bandwidth consumption, which is generating robust demand.”
The Mobile services arm of the Group, Mobitel (Pvt.) Ltd, sustained revenues at previous levels, earning Rs 11.6 Bn in the Q1 2022. Both EBITDA and Operating Profit margins remained positive at 38.9% and 19.3% respectively, whilst foreign exchange losses negatively affected the bottom line of the Company, resulting a net loss of Rs. 0.8 Bn for the quarter.Mobitel Chief Executive Officer, Chandika Vitharena stated “Even in these unprecedented times, we are poised to capitalise on the growing need to simplify communications.”The SLT Group is looking to implement several key strategies to meet the economic slowdown and the challenging operating environment that includes cost increases, inflation, rupee depreciation against US dollar and delays in importing necessary equipment.
Business
Low-floor buses launched to boost accessible public transport for differently-abled
A new low-floor bus service that gives priority to persons with disabilities and special needs was launched last Tuesday (21) from the Makumbura Multimodal Center (MMC).
The service was inaugurated under the patronage of Minister of Transport, Highways and Urban Development, Bimal Rathnayake.
Accordingly, ten specially designed low-floor buses have been introduced into the transport service today. These buses are specially designed so that wheelchair users, visually impaired passengers and also expectant women can board the bus with ease, the Transport Ministry said.
Each bus has 30 passenger seats and separate seating areas have been allocated for passengers using wheelchairs.
The pilot project operates on routes from Makumbura to Colombo Fort and from Makumbura to Kadawatha. These routes also cover major hospitals including the Colombo National Hospital and the Maharagama Apeksha Hospital.
Speaking at the event, Subject Minister Bimal Rathnayake stated that while these buses prioritize the differently-abled community, they will also provide a comfortable and reliable transport service for all passengers.
He also noted that 122 low-floor buses are planned to be introduced into service before the end of this year, and that in the future the service will be expanded to areas such as Kandy, Batticaloa, Matara and Jaffna.
Business
Nestlé Lanka Announces Change in Leadership
Nestlé Lanka Limited has announced the appointment of Manav Sahni as its Chairman and Managing Director effective 01 May 2026. He will be succeeding Bernie Stefan, who will be transitioning to a new global role within the Nestlé Group. Bernie Stefan led Nestlé’s Sri Lankan operations through a particularly challenging time since 2023 – and has successfully guided the company through a strategic turnaround, positioning it on a axis for sustainable growth.
Speaking on his tenure at Nestlé Lanka, Bernie commented “Leading Nestlé Lanka has been a deeply meaningful chapter in my Nestlé journey. I am grateful to have worked alongside an amazing and resilient team that continues to make a difference for Sri Lankans across the country. On a personal note, it was an amazing opportunity to live on this beautiful island and experience firsthand the openness, warmth and kindness of its people, which has been the highlight of my Nestlé career to date. As Nestlé Lanka marks 120 years of enriching Sri Lankan lives, it is especially humbling to reflect on the role we have played in building on this legacy – positively touching individuals and families, strengthening community partnerships, and advancing our sustainability commitments. I am thankful to my colleagues, partners and stakeholders for their collaboration and trust, and to the wider business community, including through my role as a Board Member of the Ceylon Chamber of Commerce, for the opportunity to reinforce Nestlé’s commitment to responsible corporate citizenship. I leave very confident in the strength of the team and the journey that lies ahead.”
Manav Sahni brings with him over 18 years of experience in the FMCG & Telecom sector. Prior to taking on the role as Chairman and Managing Director of Nestlé Lanka Limited, he has been heading Nestlé’s Dairy business for the South Asia Region, where he expertly managed a highly diverse portfolio, driving sustainable business transformation.
“I am thrilled to take on the role of Chairman and Managing Director of Nestlé Lanka at such a pivotal moment in its journey. Nestlé has been part of Sri Lankan households for generations, and I am excited to work with the team to continue delighting consumers with tasty and nutritious products, while strengthening the positive impact we create through our brands and initiatives.”
Business
Majestic Cineplex Returns Bigger Better and More Immersive
Ceylon Theatres will unveil the newly revamped Majestic Cineplex on the 29th of April 2026, beginning a new chapter for one of Sri Lanka’s best known cinema destinations. Located at Majestic City Colombo, Majestic Cineplex returns with major technology upgrades, enhanced comfort, and a range of premium viewing options, reinforcing Ceylon Theatres’ long standing reputation for raising the bar in cinema entertainment experiences in Sri Lanka. Accordingly, the upgraded Cineplex will be completely open to the public from 29th April 2026 onwards.
For generations of moviegoers, Majestic Cineplex has been a landmark venue in Colombo, and its latest transformation brings together the nostalgia of a familiar name with the excitement of a modern cinema experience. Leading the new screen line up is Majestic Platinum, which introduces Sri Lanka’s first and only digital LED cinema screen. Designed to deliver sharper visuals, deeper contrast, richer colour, and outstanding clarity, the auditorium features a 3D 4K Tricorne LED Cinema Screen together with Dolby Atmos surround sound. Majestic Platinum offers 226 seats, including 18 VIP recliner seats for those chasing a premium cinema experience.
The cineplex also features three additional theatres, each designed to offer a high quality movie experience. Majestic Superior includes Barco 2K projection, 3D capability, and 7.1 surround sound, with seating for 150 patrons. Majestic Ultra features the same advanced projection and audio systems with 149 seats. Majestic Gold offers a more private luxury setting with Barco 2K projection, 3D capability, DTSX surround sound, and 30 leather recliner seats, ideal for those looking for the most premium and exclusive experience.
Patrons can also enjoy an upgraded café experience with freshly prepared and ready to eat food available for purchase at the counter, along with convenience of being served to your seat. The new café experience, together with the upgraded theatres make for a more relaxed, enjoyable, and fulfilling experience for everyone.
Discussing the relaunch, Ganga Rathuvithana, General Manager Operations at Ceylon Theatres said, “Majestic Cineplex has always been a special part of Colombo’s cinema culture, and we are proud to welcome audiences back with an experience that reflects the future of movie entertainment. We have always believed in investing in the best available technology, from introducing Sri Lanka’s first 3D cinema to now launching the country’s first digital LED cinema screen. Our revamped Majestic Cineplex is designed to give movie lovers something truly special.”
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