SLT surpasses Rs 50 b revenue

Chairman Nimal Welgama

Sri Lanka Telecom (SLT) made history by being the first listed company in Sri Lanka to surpass Rs 50 billion in revenue for the 12 months ending December 31, 2010 marking a milestone in the local telecommunication history.

The SLT group recorded Rs 50.25 billion in revenue while reporting a Profit Before Tax (PBT) of Rs 5.96 billion showing over 300 percent growth and achieving Rs 3.94 billion in Profit After Tax (PAT) making an increase of over 400 percent during the period under review.

The SLT, the parent company of the group and the mobile arm of the group Mobitel, heavily contributed for this excellent financial performance for the period.

Speaking about this milestone, SLT Group Chairman Nimal Welgama said that the company is the first Sri Lankan company to achieve this record and this achievement reflects their prudent cost management initiatives and focus on subsidiary profitability.

He also said making considerable investments in infrastructure, technology, training and development, the company has laid the foundation to transform its traditional network to a Next Generation Network.

Welgama pointed out that the group is striving to create a conducive environment for sustained and consistent organizational growth, instituting the principles of best practice, governance, prudent risk management, emphasis on ethics, professionalism, transparency, accountability and sincerity of action into its everyday workings.