Sri Lanka Telecom posts net profits

Sri Lanka Telecom (SLT), the dominant fixed line operator in Sri Lanka, posted net profits of Rs 1.5 billion (up 41 per cent) during JanuaryMarch 2006. Revenues surged 25 per cent to Rs 8.6 billion despite continued losses from its mobile subsidiary and a levy on international calls. SLT, which carries an AAA rating from Fitch Ratings Lanka, controls 86 per cent of the country’s fixed line market and 15 per cent of the cellular market. During the quarter under review, SLT’s fully owned subsidiary, Mobitel, posted a Rs 223 million loss.