Sri Lanka Telecom plans float a fully owned subsidiary in SLT Hong Kong

Sri Lanka Telecom (SLT), the country’s biggest fixed line operator, has announced that it will float a fully owned subsidiary in Hong Kong ?? SLT Hong Kong ?? to extend its data network to the South Asian region. The subsidiary will operate as a point of presence, allowing SLT to offer services to the region. The initial cost of this project would be about Rs 35 million. Separately, for the quarter ended March 2006, SLT’s net profit increased 42 per cent to Rs 1.29 billion. This was driven by a 43 per cent increase in the company’s revenue over the year in its fixed line business.