Business
SLT Group achieves stable revenues for Q1, remaining resilient despite challenges
Sri Lanka Telecom Group (SLT Group), the National ICT Solutions Provider, recorded positive consolidated revenues of Rs. 26.6 Bn for Q1 2023, an increase of 2.1%, compared to the same period last year, led by robust growth at company level from SLT, demonstrating resilience and optimism in the future undeterred by the challenging environment.
The SLT Group’s revenue growth was mainly driven by SLT company revenues of Rs. 17.6 Bn recorded for the quarter, an increase of 10.7%, from last year’s corresponding period. Notably, the SLT Group Management’s strategic vision for the company, and prudent action to mitigate the impact of macro-economic issues have resulted in this achievement. However, Group revenues were weighed down by the mobile services arm of the Group.
SLT Group Chairman, Rohan Fernando stated, “We are proud of the stride we have made towards stabilizing our business, unifying our operations and platforms, and transforming into a future-ready technology company. However, the true testament to our success lies in our lean and target-based operational structure, which has enabled us to weather the most trying circumstances and emerge with optimism for the future.”
Overall, SLT Group profitability was impacted by direct operational costs. At Group level, Direct Costs swelled to Rs. 15.9 Bn, an increase of 7.6% year-on-year, while at Company level it was at Rs. 9.8 Bn, a rise of 6.8%. The escalation in costs were related to international payments, electricity tariff hikes and annual maintenance charges to foreign vendors. Additionally, administrative costs have also risen significantly to Rs 5.8 Bn at Group level and Rs. 4.5 Bn at SLT Company level for the quarter, an 8.7% and 7.4% increase respectively, once again mainly attributed to inflation and the devaluation of LKR against USD. On a positive note, depreciation and amortization has been reduced, at SLT Group level by 13.6% and at Company level by 19%, reflecting the true value of assets.
Group operating profit has been impacted by the hike in operating expenses which includes an increase in utility cost attributed to the tariff increase, international payments, and annual maintenance costs because of the depreciation of the local currency against the USD and inflation that prevailed in the country. However, at Company level, SLT recorded a healthy YoY increase of 74.4% in operating profit. Overall, at Group level, Profit Before Tax has reduced by 54% YoY mainly driven by finance costs due to the massive increase in interest rates.
Noteworthily, eliminating forex losses shows an improvement in earnings at Company level for the quarter under review. Profit before Tax after eliminating forex loss at Company level is Rs. 1.1 Bn. Additionally, normalized Profit after Tax by eliminating forex impact is Rs. 0.9 Bn at Company level.
The Group’s mix of foreign currencies supported Mobitel’s and VisionCom’s gain from the Rupee appreciation during Q1 compared to last year’s corresponding period due to bearing USD loans and liabilities. However, SLT incurred a loss because of its USD reserves.
Despite the ongoing macroeconomic challenges, the SLT Group remains committed to delivering value to all stakeholders. Investments in the SEA-ME-WE 6 cable and facilitation of the fiber network to ensure high-speed connectivity are also ongoing to enable seamless access to transition into an era of digital services.
The Group understands its responsibility to meet present and future technological and communication needs of the country. Working towards this goal, it remains focused on its stability and performance, infusing innovations into its core business and undertaking prudent cost saving measures. Navigating challenging and volatile market conditions, the Group has emerged stronger, securing business sustainability equipped with a future-ready workforce. (SLT)
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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