Business
SLT Group revenue decreased by 2.8% from Q2’22 to Q2’23
While SLT PLC had 2.4% (Rs.400mn) revenue growth, Mobitel recorded 9.3% (Rs.1,066mn) de-growth during Q2’23 compared to Q2’22. Group revenue, therefore, decreased by 2.8% (Rs.763mn) from Q2’22 to Q2’23. SLT PLC revenue increase was driven by growth in Broadband, IPTV, and Enterprise revenue streams. However, such increase was slowed down due to decrease in International Transit revenue (90.3%, Rs.614mn) during Q2’23, though it must be noted that such international transit revenue has virtually no margin. SLT PLC revenue growth was primarily hindered due to delay in monetization of fibre network and customer churn. Revenue de-growth in Mobitel was due to significant decline in subscriber base. Subscriber base contracted by 1mn from June 2022 to June 2023.
Group Opex increased by 15.1% (Rs.2,513mn) in Q2’23 compared to corresponding quarter in previous year. Even though Mobitel revenue has declined YoY, Opex increased by 30.4% (Rs.1,998mn) during Q2’23 due mainly to sales related commissions. SLT PLC Opex increased by 5.5% (Rs.619mn) owing to AMC/license cost driven by devaluation of LKR, electricity tariff and fuel price increases.
Group EBITDA dropped by 31.9% (Rs.3,276mn) during Q2’23 due to decrease in Mobitel EBITDA by 61.9% (Rs.3,064mn). Accordingly, Group Operating Profit, PBT and PAT were also decreased by 92.7% (Rs.3,121mn), 161.3% (Rs.6,039mn) and 208.0% (Rs.4,076mn) respectively. Mobitel recorded Rs.835mn Operating Loss due to lower revenue and higher Operating Costs, ending with a net loss of Rs.1,390mn for the quarter. SLT PLC net loss for the quarter was Rs.1,027mn due to cost escalations and impairment of LTE assets. SLT PLC staff costs account for 36.8% of Operating Costs.
SLT Group’s revenue growth was stagnant for the 1st half of 2023 to record Rs. 52.7Mn, a 0.4% degrowth compared to the same period last year. At a company level, SLT revenues grew by 6.4% to Rs. 34.6Bn for the 1st half of the 2023.
During the first half of 2023, Mobitel revenue has contracted by Rs. 2.2Bn compared to revenue for the same period in 2022 and the loss recorded for the period was Rs. 1.5Bn. However, with the recent changes in management, Mobitel has been able to arrest the decline in subscriber base and revenue.
Janaka R. Abeysinghe, Chief Executive Officer, Sri Lanka Telecom said, “Prolonged recovery from the effects of the economic downturn, loss of Mobitel subscriber base, low productivity, and delay in monetization of fibre network have had a significant impact on the revenue generation of the Group. The government’s macroeconomic adjustments will help the country’s economic revival in the long term but may initially affect business growth and the disposable income levels of our customers. Managing the escalating operational costs, resulting from fluctuations in exchange rates and inflationary conditions etc.
\is a huge concern. In this context, pricing is key but setting the right price has become increasingly challenging. This situation will add pressure to our revenue generation and top line performance. Under these conditions, the Mobitel turnaround has become an immediate concern. Bank lending rates remaining high in the recent past has caused margins to erode and made funding extremely difficult. However, with the positive changes adopted by the Central Bank recently, we believe the lending rates will decline. We will continue to forge ahead, with increased productivity and navigate through the current economic uncertainties. Our commitment to providing innovative solutions and exceptional customer service will remain unwavering.”
Business
Sri Lanka betting its tourism future on cold, hard numbers
National Airport Exit Survey tells quite a story
Australia’s role here is strategic, not charitable
In a quiet but significant shift, Sri Lanka’s tourism sector is moving beyond traditional destination marketing and instinct-based planning. The recent launch of the “From Data to Decisions” initiative jointly backed by Australia’s Market Development Facility and the Sri Lanka Tourism Development Authority, sent an unambiguous message: sentiment is out, statistics are in.
The initiative is anchored by a 12-month National Airport Exit Survey, a trove of data covering 16,000 travellers. The findings sketch a new traveller profile: nearly half are young (20–35), independent, and book online. Galle, Ella, and Sigiriya are the hotspots; women travellers outnumber men; and a promising 45% plan to return. This isn’t just trivia. It’s a strategic blueprint. If Sri Lanka Tourism listens, it can tailor everything from infrastructure to marketing, moving from guesswork to precision.
The keynote speaker, Deputy Minister Prof. Ruwan Ranasinghe called data “a vital pillar of tourism transformation.” Yet the unspoken truth is that Sri Lanka has long relied on generic appeals -beaches, heritage, smiles. In today’s crowded market, that’s no longer enough. As SLTDA Chairman Buddhika Hewawasam noted, this partnership is about “elevating how we collect, analyse, and use data.”
Australia’s role here is strategic, not charitable. By funding research and advocating for a Tourism Satellite Account, it is helping Sri Lanka build a tourism sector that is both sustainable and measurable. Australian High Commissioner Matthew Duckworth linked this support to “global standards of environmental protection” – a clear nod to the growing demand for green travel. This isn’t just aid; it’s influence through insight.
“The real test lies ahead,” a tourism expert told The Island. “Data is only as good as the decisions it drives. Will these insights overcome bureaucratic inertia? Will marketing budgets actually follow the evidence toward younger, independent, female travellers?,” he asked.
“The comprehensive report promised for early 2026 must move swiftly from recommendation to action. In an era where destinations are discovered on Instagram and planned with algorithms, intuition alone is a high-stakes gamble. This forum made one thing clear: Sri Lanka is finally building its future on what visitors actually do – not just what we hope they’ll do. The numbers are in. Now, the industry must dare to follow them,” he said.
By Sanath Nanayakkare
Business
New ATA Chair champions Asia’s small tea farmers, unveils ambitious agenda
In his inaugural address as the new Chairman of the Asia Tea Alliance (ATA), Nimal Udugampola placed the region’s millions of smallholders at the core of the global tea industry’s future, asserting they are the “indispensable engine” of a sector that produces over 90% of the world’s tea.
Udugampola, who is also Chairman of Sri Lanka’s Tea Smallholdings Development Authority, used his speech at the 6th ATA Summit held in Colombo on Nov. 27 to declare that the prosperity of Asian tea is “entirely contingent” on the resilience of its small-scale farmers, who have historically been overlooked by premium global markets.
“In Sri Lanka, smallholders account for over 75% of our national production. Across Asia, millions of families maintain the quality and character of our regional teas,” he stated, accepting the chairmanship for the 2025-2027 term.
To empower this vital community, Udugampola unveiled a vision focused on Sustainability, Equity, and Digital Transformation. The strategic agenda includes:
Climate Resilience: Promoting climate-smart agriculture and regenerative farming to protect smallholdings from environmental disruption.
Digital Equity: Leveraging technology like blockchain to create farm-to-cup traceability, connecting smallholders directly with premium consumers and ensuring fair value.
Market Expansion: Driving innovation in tea products and marketing to attract younger consumers and enter non-traditional markets.
Standard Harmonization: Establishing common regional quality and sustainability standards to protect the “Asian Tea” brand and push for stable, fair pricing.
Linking the alliance’s goals to national ambition, Udugampola highlighted Sri Lanka’s target of producing 400 million kilograms of tea by 2030. He presented the country’s “Pivithuru Tea Initiative” as a model for other ATA nations, designed to achieve this through smallholder empowerment, digitalization, and aligned policy objectives.
By Sanath Nanayakkare
Business
Brandix recognised as Green Brand of Year at SLIM Awards 2025
Brandix Apparel Solutions was recognised as the Green Brand of the Year at the Sri Lanka Institute of Marketing (SLIM) Brand Excellence Awards 2025, taking home Silver, the highest award presented in the category this year.
The ‘Green Brand of the Year’ recognises the brand that drives measurable environmental impact through sustainable practices, climate-aligned goals and long-term commitment to protecting natural resources.
A pioneer in responsible apparel manufacturing for over two decades, Brandix has championed best practices in the sphere of sustainable manufacturing covering environmental, social, and governance aspects. The company built the world’s first Net Zero Carbon-certified apparel manufacturing facility (across Scope 1 and Scope 2) and meets over 60% of its energy requirement in Sri Lanka via renewable sources.
Head of ESG at Brandix, Nirmal Perera, said: “Being recognised as Green Brand of the Year is an encouraging milestone for our teams working across sustainability.”
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