Business
SLT Group demonstrates resilience in delivering value to nation despite challenges
Sri Lanka Telecom Group (SLT Group) recorded a consolidated revenue growth of 5.4% to Rs 26 Bn in Q1 2022, in comparison to the corresponding period in the previous year. Group Profit After Tax (PAT) in the same period was recorded at Rs. 2.7 Bn, demonstrating the SLT Group’s resilience despite challenging economic conditions. Beginning the new year, the Group continued its focus on digital transformation agenda, streamlining the cost base and automating processes while delivering and creating value for stakeholders and the nation.SLT Group’s EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) recorded a 9.9% YoY growth to stand at Rs. 10.7 Bn with the EBITDA margin improving to 41% for the quarter against 39.4% in the corresponding period of the previous year. The Group recorded a Profit Before Tax (PBT) of Rs 3.5 Bn for the quarter.The Group’s revenue growth was primarily driven by the increased broadband revenues resulting from the ongoing accelerated Fibre Expansion Project under the National Fiberisation Programme and due to the expansions and upgrades in the 4G/LTE network. The investment towards fiberisation and the aggressive roll-out and marketing of fibre solutions paid off as it contributed to achieve Q1 targets for the Group with increased consumer demand. Further, the Group saw an increase in PEOTV revenues due to the accelerated Fibre Expansion Project. The Group’s revenue from Career Domestic services too improved during the period.
SLT Group Chairman, Rohan Fernando stated, “The first quarter of 2022 proved more challenging than we had expected, however SLT-MOBITEL overall performance reflected the resilience and strength of our portfolio. Throughout 2022 we aim to continue to deliver value for all stakeholders reinforcing our support to bridge the digital divide serving the Nation and our people. Prudent financial discipline was also a key factor in our success”.The Operating Cash Flows of the Group grew to Rs. 16.3 Bn, up by 35.3% YoY. The Group recorded a favourable cash and cash equivalents position of Rs. 31.6 Bn as at the end of the quarter. SLT Group’s contribution to the Government of Sri Lanka during the first quarter, 2022 amounted to Rs. 4.2 Bn. in direct and indirect taxes including levies.
SLT Group Chief Executive Officer, Lalith Seneviratne added, “We continue to invest in the best of emerging technologies, including networks and digital capabilities, and continue our efforts to deploy an innovative portfolio of products and services implementing the transformation of the company.”Sri Lanka Telecom PLC (SLT), the holding company of the Group, recorded Rs. 4.1 Bn. in Profit After Taxes for Q1 2022. Revenue for the quarter recorded at Rs. 15.9 Bn whilst the EBITDA and Operating Profits stood at Rs. 6.3 Bn and Rs. 1.1 Bn respectively.SLT Chief Executive Officer, Janaka Abeysinghe commented, “We are on track for business growth and improved profitability, driven by rapid adoption of broadband services, fiberisation and increased bandwidth consumption, which is generating robust demand.”
The Mobile services arm of the Group, Mobitel (Pvt.) Ltd, sustained revenues at previous levels, earning Rs 11.6 Bn in the Q1 2022. Both EBITDA and Operating Profit margins remained positive at 38.9% and 19.3% respectively, whilst foreign exchange losses negatively affected the bottom line of the Company, resulting a net loss of Rs. 0.8 Bn for the quarter.Mobitel Chief Executive Officer, Chandika Vitharena stated “Even in these unprecedented times, we are poised to capitalise on the growing need to simplify communications.”The SLT Group is looking to implement several key strategies to meet the economic slowdown and the challenging operating environment that includes cost increases, inflation, rupee depreciation against US dollar and delays in importing necessary equipment.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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