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SLT-MOBITEL reports marginal growth in Q1 2024 amidst cost optimization efforts

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Janaka Abeysinghe Chief Executive Officer

SLT-MOBITEL has reported a flat growth in Q1 2024 ending March 31, 2024, amidst a challenging business environment. However, the company’s proactive cost management initiatives have resulted in significant operational cost savings, enabling it to maintain profitability.

For the quarter, the SLT Group has recorded consolidated revenue of LKR 26.93 billion, reflecting a marginal 1.4% year-on-year increase.

However, compared to the fourth quarter of the previous year, i.e., Q4 2023, there was a modest increase of 3.7% in revenue, driven by enterprise and broadband revenues.

The Company has successfully implemented cost-saving measures, resulting in a decrease of 0.6% in operational expenditure (excluding depreciation and amortization) compared to Q1 2023. This was partly due to the decrease in dollar-denominated expenses such as Annual Maintenance Cost (AMC), international settlement, and internet backbone charges due to the rupee appreciation.

The first quarter of 2024 presented a volatile business landscape, with macroeconomic factors impacting the topline performance. However, SLT-MOBITEL swiftly implemented strategic cost optimization measures, which enabled the company to realize significant operational cost savings of 2.7% at the Group level.

SLT-MOBITEL’s cost-saving efforts comprised various initiatives, including rationalizing annual maintenance costs, vehicle hiring charges, international settlement charges, and repair and maintenance expenses. These measures contributed to an EBITDA increase of 10.3% year-on-year, showcasing the company’s commitment to operational efficiency.

Despite the increase in EBITDA, the Group’s operating profit declined by 1.9% due to higher depreciation expenses resulting from substantial investments in capital expenditure programmes. The company’s net Profit after Tax also experienced a year-on-year decrease, primarily influenced by lower operating profit and reduced interest income due to declining interest rates.

On a positive note, SLT-MOBITEL witnessed an increase in Profit after Tax when compared to the previous quarter (Q4 2023), driven by improved EBITDA and operating profit, as well as forex gains and reduced interest costs.

During the quarter, SLT-MOBITEL also made substantial contributions to the government through taxes, levies, and dividends, demonstrating its commitment to supporting the nation’s economic development.

Looking ahead, SLT-MOBITEL is confident in the long-term growth prospects of the Sri Lankan economy and the business with the significant investments made, particularly in the SEA-ME-WE 6 (South East Asia-Middle East -Western Europe) undersea cable system. The SEA-ME-WE 6 undersea cable system is expected to provide SLT-MOBITEL with increased international bandwidth capacity and improved connectivity, further strengthening the company’s position in the telecommunication industry.

As the company navigates the evolving business landscape, SLT-MOBITEL remains focused on operational excellence, strategic investments, and delivering innovative solutions to meet the ever-growing demands of its customers. The company is also well-positioned to capitalize on emerging opportunities and deliver enhanced value to all stakeholders. (SLT-MOBITEL)



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‘Sri Lanka is a Union Country’, says global labour leader

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Officials of ITF, ILO and NUSS at the launch ceremony

ITF pledges expanded partnership with transport sector workers at Colombo Welfare Hub launch

In a landmark moment for Sri Lanka’s transport sector, the International Transport Workers’ Federation (ITF) unveiled The Palace—a brand new welfare facility for seafarers—while declaring its commitment to partner with the nation’s entire transport workforce.

ITF General Secretary Stephen Cotton delivered a stirring message at the launch on March 20, hailing Sri Lanka as “a union country” with robust labour laws and a resilient worker-led culture; a rare endorsement from a global labour leader.

“I call Sri Lanka a union country because it’s a nation that takes pride in its labor laws and collective strength,” Cotton declared to a room of policymakers, shipowners, ship crews, ILO officials, women seafarers and maritime stakeholders.

“The ITF doesn’t just want to support seafarers—we’re here to partner with all transport workers, from railways to ports, to build a fairer future,” he said.

Located in central Colombo, The Palace—a collaboration between the ITF, its Seafarers Trust, and the National Union of Sri Lankan Seafarers (NUSS) —aims to transform the lives of maritime workers. The facility offers affordable lodging, family reunification spaces, counseling, and recreational resources for seafarers transitioning to and from grueling voyages.

Boa Athu, President of NUSS called it a “long-overdue sanctuary” for workers who sustain Sri Lanka’s economy through foreign remittances.

Cotton emphasized the timing of the launch amid global instability: “We’re in turbulent times—geopolitical shifts, climate crises, and economic uncertainty. But here, Sri Lanka’s unions have shown what solidarity can achieve. He noted NUSS’s growth from 7 to 30,000 members, calling it a “phenomenal” model for worker empowerment.

The ITF’s vision extends far beyond the docks. Cotton revealed he had met with railway workers the day prior, signaling broader ambitions.

Transport workers were the lifeblood of the global economy linking supply chains and keeping the world moving, and they were vital to successfully responding to the challenge of Covid-19. We mustn’t forget the risks that transport workers faced on the frontlines. Now, we must ensure they’re shielded from crises like climate change,” he said, framing the climate emergency as a “workers’ crisis” requiring urgent re-training for green energy transitions.

ITF General Secretary, Stephen Cotton unveils The Palace, in Colombo on March 20.

With partnerships spanning the UN Global Compact and International Maritime Organization, the ITF plans a Singapore forum to accelerate fossil fuel phase-outs.

“Seafarers here are already training for new energy technologies—but placing them in jobs remains a challenge,” Cotton admitted.

Referencing global political volatility—including U.S. leadership shifts—Cotton stressed the need for “predictable” worker alliances like the ITF. He praised Sri Lanka’s push to grow its maritime economy, including government plans to boost container capacity and recruit women into skilled and rewarding roles.

“The Palace isn’t just a building—it’s a symbol of what’s possible when unions, governments, and global partners unite,” Cotton said. “Sri Lanka’s workers are its economy. Safeguarding their wellbeing isn’t charity—it’s strategic,” he said.

As the ITF expands collaborations in Brazil, Mexico, and beyond, Sri Lanka’s transport sector stands at a crossroads. The Palace offers immediate relief for seafarers, but Cotton’s message signals a larger ambition: positioning the island as a beacon of worker solidarity in an unstable world.

For Sri Lanka’s 30,000-strong NUSS members—and thousands more in railways, ports, and tourism—the call is clear: the fight for fair conditions is now a global alliance.

By Sanath Nanayakkare

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Alipay+ joins as Gold Sponsor of LankaPay Technnovation Awards 2025

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LankaPay – Sri Lanka’s National Payment Network recently announced its partnership with Alipay+ as the Gold Sponsor of the LankaPay Technnovation Awards 2025. This marks Alipay+’s second consecutive year of collaboration at this landmark event, reinforcing Alipay+’s commitment to advancing digital payment solutions and financial innovation in Sri Lanka’s evolving financial sector.

LankaPay Technnovation Awards is Sri Lanka’s first and the only payment technology innovation awards; and the only financial sector awards competition in the country which is organized for the 7th time in 2025. The grand finale is scheduled to be held on 26th March 2025 from 6.00pm onwards at the Grand Ballroom, Shangri-La Colombo under the patronage of the Chief Guest – Dr. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka, and Deputy Minister of Digital Economy, Eng Eranga Weeraratne and Dr. Hans Wijayasuriya, Chief Advisor to the President on Digital Economy as Guests of Honour. The event will see an audience of over 500 movers and shakers of the country’s financial sectors including Chairmen and CEOs of FIs and FinTech companies, Government officials, policymakers and top-tier delegation of leading international payment networks.

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Sanasa Life Insurance sponsors 95th ‘Battle of the Maroons’

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Sanasa Life Insurance sponsored the 95th edition of the big match between Ananda College and Nalanda College. The highly anticipated three-day big match ended in a draw. Adverse weather conditions prevented a decisive outcome, but based on their performances, both teams were declared joint winners.

‘The Best Fielder’ award was also sponsored by Sansa Life Insurance. “We see brilliant cricketing talent being played on the field right before our very eyes. These youngsters are the future of cricket that takes the name of Sri Lanka proudly to the world someday. We are glad to have been a part of their journey forward”, said Sanasa Life Insurance CEO Mr. Nuwanpriya Gunawardane, commenting on the outstanding fielding performance by Chanul Athukorala of Nalanda College.

Commenting on the match, Gunawardane added: “Sanasa Life Insurance is honoured to support this legendary cricketing battle. We believe in encouraging the younger generation to overcome challenges and strive for greatness. This match embodies those values.”

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