Telecom operator Suntel, says its profits soared to Rs. 200.4 mn in 2002, from Rs. 22.8 mn.
Suntel benefited from the prevalent low interest rates, while value added services and a tariff increase pushed revenues up by Rs.
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400 mn.rn
rnRevenues rose to Rs. 3.58 bn from Rs. 3.156 bn in 2001. Cost of sales was up marginally to Rs.
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566.52 mn from Rs. 504.12 mn during the period.rn
rnSuntels finance costs fell to Rs. 769.86 mn from Rs. 842.99 mn during the period, reflecting a gradual drop in interest rates.
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rnThe teleco reported an earnings per share of Rs. 0.59 from Rs. 0.07.rn
rnTelecom analysts expect profits in the next two-years would erase over Rs. 1 bn in accumulated losses, made since its inception in 1996.
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rnAs at Dec. 31, 2002 Suntels subscriber base has grown to 72,610, with its coverage spread over the districts of Colombo, Kalutara, Gampaha, Galle, Kandy, Kurunegala and Anuradhapura.
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rnTelia AB of Swenden manages and has taken a key stake in the company. Other key shareholde