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May 13, 2014 (LBO) - Profits at Sri Lanka Telecom, the island's only wireline operator which also has mobile and pay television fell 66 percent to 547 million rupees, following the loss of a legal battle, interim accounts showed.
The group reported earnings of 30 cents per share for the quarter.
Revenues rose 6 percent to 15.2 billion rupees in the quarter but operating costs rose at a faster 13 percent to 11.1 billion rupees, shrinking profits before depreciation to 4.1 billion rupees, down 10 percent from a year earlier.
The firm said a one-off charge was made during the quarter after a 673 million rupee payment to Just in Time Holdings in settlement of a case involving the imported equipment.
Depreciation was up 12 percent to 3.1 billion rupees.
http://www.lankabusinessonline.com/news/sri-lanka-telecom-profits-down-66-pct-in-march-quarter-after-legal-battle/136179949
The group reported earnings of 30 cents per share for the quarter.
Revenues rose 6 percent to 15.2 billion rupees in the quarter but operating costs rose at a faster 13 percent to 11.1 billion rupees, shrinking profits before depreciation to 4.1 billion rupees, down 10 percent from a year earlier.
The firm said a one-off charge was made during the quarter after a 673 million rupee payment to Just in Time Holdings in settlement of a case involving the imported equipment.
Depreciation was up 12 percent to 3.1 billion rupees.
http://www.lankabusinessonline.com/news/sri-lanka-telecom-profits-down-66-pct-in-march-quarter-after-legal-battle/136179949
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