Sri Lanka Telecom PLC (SLT) released its company and group financial results for the first six months of the year 2014.

The Group comprises the holding company SLT and its seven subsidiaries including the mobile arm Mobitel (Pvt.) Ltd.

The group recorded Rs.31.39 bn revenue during the first six months of the year with 8% growth compared to the same period of the previous year.

All the operational segments of the group has contributed to this growth; i.e. Fixed Telephony, Mobile and Others.

The group operating cost was managed at Rs. 21.86 bn despite a charge of Rs.673 mn to the operating cost, resulting from an out of court settlement of a civil case on the import of the IPTV system in 2007/08.

Several initiatives were taken within the group including the inculcating of a cost saving culture that has resulted in keeping operational costs at a tolerable level year on year (YoY) with an increase of 7%.

The Group EBITDA increased to Rs. 9.53 bn with YoY9% growth, recording an EBIDTA margin of 30%. Group Profit Before Tax grew by 25% YoY to Rs. 4.04 bn.

Foreign exchange gain of Rs. 99 mn during the period under review, compared to Rs. 382 mn foreign exchange loss incurred during the corresponding period of the previous year coupled with EBITDA growth has largely impacted this growth. The group reported Rs. 2.96 bn Net Profit After Tax during the 1st six months of the year with 28% growth compared to the 1st six months of the last year.

The group recorded impressive profit after tax of Rs.2.42 bn. during the second quarter alone gaining YoY growth of 234%.