Full year 2003 revenues for SLT gained marginally, dispelling industry forecasts for a drop driven by halved IDD billings, but closed with a 16 per cent fall in net profits.
Group net profit was at Rs. 2.38 billion, down from Rs. 2.68 billion in 2002 mainly due to a Rs. 710 million voluntary retirement scheme (VRS) that sent home some 1139 employees home. rn
rnSLT expects the VRS to bring in a Rs. 300 mn cost savings and reduce line per employee from 110 to 94.rn
rnThe accounts however, did not factor in any contributions or costs by subsidiary and associate companies including cellular subsidiary Mobitel. rn
rnLosses from Mobitel added up to Rs. 53 million by September 2003, largely due to heavy finance costs of Rs.
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49 million.rn
rnMeanwhile, revenues during the period perked by one percent to Rs. 24.4 billion from Rs. 25.2 billion in 2002.rn
rnThe teleco giants earnings have come under pressure due to a 60 percent drop in international call revenues. rn
rnAn increase in international out