SLT 2013 NPBT - Rs. 7.4 Bn with 25.9% growth

Sri Lanka Telecom, the leading integrated telecommunication services provider released its company and group financial performance for the financial year 2013, and for the 4th quarter of 2013 with impressive results. SLT group comprises the holding Company Sri Lanka Telecom (PLC) (SLT) and six other subsidiaries including the group mobile arm Mobitel (Pvt.) Ltd.

During the year 2013, the group reported Rs.60.1Bn revenue with 5.9% growth when compared to the previous year. The growth of revenue was mainly driven by the revenue increases of SLT, the holding company and Mobitel. Meanwhile the group has been able to manage its operational costs at Rs. 41.2Bn with a sustainable increase of 6.2% compared to the previous year. The group reported Rs.18.9Bn. Earnings Before Interest Tax Depreciation and Amortization (EBITDA) for the year 2013. Healthy revenue growth coupled with operating cost management, increased EBITDA by 5.3% when compared to the previous year. EBITDA margin remained at 31.5%. The increase in EBITDA and favorable outcome of non–operational affairs resulted in an impressive 25.9% Year on Year (YoY) growth of Group Net Profit Before Tax (NPBT) of the year under review to Rs. 7.4Bn. The Group Net Profit After Tax (NPAT) increased to Rs. 5.4Bn with 38.2% growth YoY while the group NPAT for the 4Q2013 dropped by 3.1% QoQ to Rs 1.5Bn due to the impact of taxation.

Comparative data of the previous year has been restated in order to comply with guidance of the Institute of Chartered Accountants of Sri Lanka on bringing back the fully depreciated assets into the Statement of Financial Position which are being used for the purpose of deriving economic benefits. Accordingly Rs.1.5 Bn accumulated depreciation applicable to such assets was reversed to the retained earnings, which impacted to increase written down value of assets by the same amount. The impact of this adjustment on the group financial performance under review was additional depreciation charge that arose due to the above adjustment.

The holding company Sri Lanka Telecom (PLC), recorded Rs. 36.8Bn revenue during the year 2013 with 5.9% growth compared to the year before while reporting 5.8% QoQ growth with Rs. 9.9Bn in revenue gained during the 4Q 2013. This revenue growth was driven by outstanding performance of non–voice services including Broadband and PEO TV, despite negative growth of voice and international service sectors – a worldwide trend. The company EBITDA grew up by 7.3% to Rs.10.0Bn YoY, while the EBITDA margin slightly improved to 27.1% as opposed to 26.7% of the year before. The revenue increase and prudent operating cost management at 5.5% YoY increase to Rs.26.8Bn has resulted in improvements to the EBITDA. The NPBT of the company increased from 9.8% YoY to Rs.5.0Bn during the year 2013, while reporting impressive 12.0% YoY growth of NPAT to Rs.3.6Bn. The positive results of non-operating affairs of the company together with strong growth of EBITDA resulted in healthy growth in NPBT and NPAT. Strong 59.7% and 67.9% QoQ growth is reported from NPBT and NPAT amounting to Rs. 1.9Bn and Rs. 1.4Bn respectively during the 4Q2013.
Island -26/02/2013