News
SLT Group stays resilient for Q3 overcoming external impacts
Sri Lanka Telecom Group (SLT Group), the National ICT Solutions Provider,has reported positive overall revenues of Rs 79.6 Bn, a consolidated growth of 3.9% for the first nine months of 2022 compared to the same period last year, driven largely by prudent and proactive measuresundertaken in financial and operational management, said a press release.
It said: Demonstrating resilience in its business model, at Company level, SLT Q3 revenues grewto Rs 16.9Bn, an increase of 7.4% when compared to the same period last year, also reflected in optimistic year-to-dategrowth of10.6% atRs 49.4 Bn. SLT Group’s contribution to the Government of Sri Lanka during the first nine months of 2022 amounted to Rs. 21 Bn. in direct and indirect taxes including levies and dividends.
The Group’s Gross Profit growth for Q3 witnessed a marginal 0.8%increase at Rs 11.1 Bn, in comparison to the previous quarter. Weighing down growth, a negative3.4% in Gross Profit at Rs 33.4 Bn was recorded for the first nine months of the year, compared to the same period last year. Group Profit After Tax(PAT) growth declined to 27.1% (QoQ) while year-to-date also reflected a downward momentum at 34.1%.
At Company level, SLT posted a positive a 9.3% Gross Profit increase of Rs 7.2 Bn for Q3, QoQ and ended the nine months of the year also in a similar trend of 7.1% at Rs. 20.4 Bn.Furthermore, at Company level, Profit Before Tax for the first nine months recorded a significant increase of 136.1% when compared with the same period last year, owing to a forex gain of Rs.5.6 Bn. attributable to USD deposits, Dividend Income of Rs.2.3 Bn. and Rs.1.1 Bn. of Interest Income earned from USD deposits. PAT for the same period saw considerable growth of 82.8% at Rs 9.3 Bn mainly due to forex gains as a result of LKR devaluation, and dividend income received from subsidiaries. PAT growth for the Company in Q3 was a negative 76.6% compared to last quarter (QoQ).
SLT Group Chairman, Rohan Fernando said, “I am pleased to announce yet another quarter of positive, revenue growth for the Group. The resilience in our results is primarily due to management intervention in containing costs, the reduction in energy costs, consolidation of operations moving into company owned premises, and asset monetization subject to government policy being stable to attract FDIs. These results demonstrate how we continue to make tangible progress in delivering steady revenues despite 2022 being one of the most difficult periods in the history of Sri Lanka. The company is cautiously moving into the fourth quarter meeting all obstacles with a positive outlook.”
Company revenue growth was primarily driven by increases in Carrier Domestic, Broadband and Carrier International revenue streams. Carrier Domestic growth was predominantly from expansion in provision of Ethernet, international private leased circuit (IPLC) and internet leased line (ILL) services. Broadband saw revenue growth mainly from FTTH Broadband while Carrier International growth waschiefly due to USD appreciation. However, domestic interconnection revenue dropped as a result of a direction by the Telecommunications Regulatory Commission of Sri Lanka (TRCSL) to reduce charges from April 2022 onwards.
Commenting on the future, the Chairman added, “The vision of the SLT Group of becoming a regional tech conglomerate will be pursued vigorously with the unified brand and consolidation of operations under one roof taking place gradually with the deployment of our state-of-the-art, high-tech, green building by the middle of 2023.”
The mobile services arm of the Group, Mobitel has experienced a revenuedecline in Q3’ 22 against the same period in the previous year, impacted by macro-economic challenges, tax changes and reduction of domestic interconnect charges. Nonetheless, Mobitel sustained growth in international business revenues while productivity and efficiency enhancinginitiatives in all areas also enabledthe subsidiary to remain profitable within the industry.
Meanwhile, SLT Group’s EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) growth witnessed a marginal reduction of 1.3% in the first nine months of 2022, compared to the same period last year. However, at Company level, EBITDA posted a stronger 5.0% year-on-year growth, mainly attributed to various initiatives including containing costs and asset monetization. Notably, due to inflation operating costs have risen impacting the overall Group EBITDAmargins.
The Group’s operating profit declined by 15.5%, the fall mainly led by devaluation of the LKR and high inflation costs in the first nine months of 2022. Operating expensesof the Group including SLT and Mobitel have increased due to forex devaluation, fuel costs and inflation that has prevailed in the country.Year-on-year electricity cost have decreased due to power outage whereas generator fuel cost has increased significantly due to power outage as well as fuel price increases.As a result of the sharp devaluation of the LKR against the USD during the previous quarter, Q2’22, SLT recorded a Rs.2.3 Bn forex gain. In contrast, the forex gain in Q3’22 was marginal at Rs.0.1 Bn due to the stability of forex movements during the period.
News
Navy renders assistance to bring injured fisherman ashore
The Sri Lanka Navy demonstrated its commitment to maritime safety by assisting to bring ashore an injured fisherman and rushing him for urgent medical attention on Thursday (28 May 2026)
The fisherman was aboard a local multiday fishing trawler off the south coast and the Maritime Rescue Coordination Centre (MRCC) Colombo coordinated the retrieval of the fisherman.
Reportedly, the multi-day fishing trawler had departed from the Kudawella Fisheries Harbour on 05th May with 06 fishermen. While engaged in fishing activities approximately 730 nautical miles off the south coast, one of the crew members suffered an injury.
Following a formal request for assistance, through MRCC Colombo, the Merchant Vessel ‘Dong Fang Wei Ye’ sailing in the nearby sea area had been informed to retrieve the patient. In a rapid response, the Navy dispatched a craft attached to the Southern Naval Command to the designated sea area where the Merchant Vessel was stationed to transfer the fisherman.
Upon transferring the injured fisherman from the Merchant Vessel, naval personnel provided essential first aid to the injured person before swiftly bringing him to the Galle Harbour And safely transferred him to the National Hospital, Galle.
News
Applications called to recruit 400 public officers as Digital Champions for the Public Impact Champions Network
As a key component of the Government’s Digital Economy Plan aimed at enhancing the quality and efficiency of the public sector system, an awareness programme for coordinating executive officers of public institutions was held on Wednesday (27) at the Information and Communication Technology Agency of Sri Lanka (ICTA). The programme marked the first step towards establishing the “Public Impact Champions Network” (PIC-NET), an institutional pilot network intended to drive the optimisation of public services through the digitalisation of public institutions.
During the programme, heads of institutions were informed to submit applications from officers currently serving in public institutions who possess the capability and capacity to represent the “Champions Corps” in spearheading digital transformation, in accordance with Circular PS/ADA/Circular/3/2026.
Chairman of the Information and Communication Technology Agency of Sri Lanka and Senior Adviser to the President on the Digital Economy, Dr. Hans Wijayasuriya, stated that the Government aims to increase Sri Lanka’s digitally empowered economy from its current level of 3% to 12% by 2030.
He further explained that the development of the digital economy is a process aimed at improving efficiency, quality and revenue generation through the use of communication technology in economic activities.
Pointing out how the digital economy has expanded in every developed state, Dr Hans Wijayasuriya noted that the slow growth of the digital economy remains a serious challenge faced by Third World countries. However, he stated that India is currently achieving remarkable progress in digital economic development and that elevating Sri Lanka’s digital economy to a prominent level alongside such developments is one of the Government’s principal objectives.
Dr Hans Wijayasuriya also pointed out that this digital economic growth must take place simultaneously across nearly all public institutions. Accordingly, within the next three years, the coordination and management of transactions among public institutions are expected to function in a fully networked manner similar to banking operations.
He further emphasised that the support of both public institutions and the country’s citizens as a whole would be crucial for the successful implementation of this extensive technological transformation across all public institutions over the next few years.
Ranil Peiris of the Department of Information Technology at the University of Sri Jayewardenepura briefed those present on the foundation of the PIC-NET programme and its future plans.
He explained that, in the future, citizens would be able to access services such as applying for passports and renewing licences entirely online from their homes. He further pointed out that this system would eliminate the need for citizens to repeatedly provide the same information.
Representatives of KPMG also presented the future action plan relating to the selection and training of officers.
Representing the Presidential Secretariat, Sameera Wickremasinghe further briefed participants on the mechanism for calling applications.
The necessary guidance and coordination support for this public sector digitalisation programme are being provided with the support of the Presidential Secretariat, the Ministry of Digital Economy, GovTech Sri Lanka and the Asian Development Bank.
(PMD)
Foreign News
Mother-in-law of Indian bride whose death set off media frenzy arrested
India’s top anti-crime agency has arrested the mother-in-law of an Indian woman whose death has sparked conflicting claims of murder and suicide.
Twisha Sharma’s parents and siblings have alleged that she was tortured by her lawyer husband, Samarth Singh, and his mother – retired judge Giribala Singh – over dowry demands and that she was murdered, allegations they have denied.
The 33-year-old model and actor had been married for just five months when she was found dead in her matrimonial home in Madhya Pradesh state’s Bhopal city on 12 May.
On Thursday, the Central Bureau of Investigation (CBI) arrested Giribala Singh after questioning her for several hours.
The Madhya Pradesh High Court had earlier cancelled her anticipatory bail, finding that a trial court had ignored key evidence and witness testimony.
Following Twisha’s death, the police had registered a case of dowry death against the Singhs. Earlier this week, the investigation was taken over by the CBI.
Twisha’s death has made national headlines and has once against brought the issue of dowry deaths into the spotlight. Every year, thousands of women are murdered for bringing in insufficient dowries, even though the practice was banned in 1961.
The case has drawn significant attention because of the family’s prominence. Twisha was a former beauty pageant winner and actor, while her husband and mother-in-law were lawyers.
Twisha’s parents allege that dowry-related harassment began soon after her marriage to Singh. They also claim that when she became pregnant, Singh and his mother accused her of infidelity and forced her to terminate the pregnancy.
The Singhs deny the allegations, saying Twisha had mental health issues and took her own life. They also contend that the decision to terminate the pregnancy was hers.
Singh is currently in police custody. He had reportedly absconded after Twisha’s death and was arrested by police in Jabalpur on 22 May.
Twisha was cremated on Sunday after a second autopsy. Her family had alleged that the first post-mortem was flawed and accused the police of a cover-up, a charge the police denied.
[BBC]
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