SLT to invest Rs. 5 b in Mobitel

Thursday, 14 July 2011 00:15 - - {{hitsCtrl.values.hits}}

Sri Lanka Telecom (SLT) said yesterday it has decided to invest Rs. 5 billion to expand its mobile arm Mobitel Ltd.

“This investment... will be on a staggered basis and is expected to be made within a period of six months. Funds of this investment will be used by Mobitel for expansion plans in terms of coverage, capacity, and network modernisation,” the company said in a disclosure to the Colombo Stock Exchange.

In 2010 SLT’s network expansion and other investments in 2010 resulted in capital investment of Rs. 4.9 billion.

SLT Group in 2010 achieved revenue of Rs.50.25 billion which is a 4.5% growth YoY while delivering a Profit before Tax (PBT) of Rs. 5.96 bn, with a YoY noteworthy growth of 327%.

The Group achieved a Profit after Tax (PAT) of Rs. 3.94 bn, a remarkable increase of 407%. The impressive financial results were mainly driven by the improved performance delivered by SLT, the parent company of the Group and exceptional performance by Mobitel, the Mobile arm of the SLT group.