SLT Benefits From Remote Work and Learning As Q3 Profits surge

Remote work and learning
Photo by Luis Villasmil on Unsplash

The telecommunications services powerhouse Sri Lanka Telecom PLC reported exceptional top and bottom line performance for the three months to September (3Q21), as the pandemic-induced remote work triggered a surge in demand for data and other digital services.

The company recorded revenues of Rs.26.65 billion for the quarter under review, up 15.5 percent from the same period previous year, and earnings of Rs.3.23 billion, or Rs.1.79 per share, up 49.2 percent.

The company declared earnings of Rs.5.09 a share or Rs.9.18 billion for the nine months ended September 30, 2021, compared to Rs.3.74 a share or Rs.6.75 billion the year before.

Here’s what SLT said in a statement:

“With the shift towards work from home arrangements and study from home arrangements, the group experienced a positive impact in revenue in areas such as broadband, IPTV and career business services due to surge in utilisation in both residential and business sectors.”

During the nine-month period, the company spent Rs.18.2 billion on the ongoing expedited fibre extension project as part of the national fiberisation strategy, as well as new LTE base stations and towers. As the group prepares for the future, the groundwork is being built for the imminent 5G technology rollout. Revenues from the group’s fixed telephone and other digital services business increased by 17.5 percent to Rs.40.9 billion in the first nine months, while revenues from Mobitel (Pvt) Limited’s mobile operations increased by 10.4 percent to Rs.34.1 billion.

Last year, the company unveiled its combined corporate identity, ‘SLT-Mobitel,’ which could have benefited in lowering costs. Employees’ Provident Fund, the third largest shareholder in SLT, owned another 1.40 percent.

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