Everyone Knows Mr Thilanga Sumathipala
Leaders bank on celebrity reputations in patriotism: Chairman of Sri Lanka Telecom, bought Mobitel, Member of Parliament, Deputy Speaker, Deputy Minister, State Minister of Technology and Innovation, President of Sri Lanka Cricket, etc.
The year 2002 has proved to be a very eventful and successful one for SLT.
PLEASE READ THE FULL LETTER TO SHAREHOLDERS IN 2002 BY CLICKING ON MR SUMATHIPALA'S PORTRAIT PHOTOGRAPH
SLT not only consolidated its position as market leader in the industry but also became the only fully integrated telecommunications service provider in the country when it acquired Mobitel in its entirety in November 2002; A successful Initial Public Offering placed SLT as the largest listed Company on the Colombo Stock Exchange; Following the completion of five years of stewardship by NTT Communications Corporation, management control was transferred back to SLT’s own management team; SLT geared itself to meet the new challenges posed by the emerging deregulation in the Telecom sector; Amidst all these very significant events, SLT Revenues and Profits soared to unprecedented levels.
SLT group’s revenue grew by 15% to reach Rs. 25.4 billion while Operating Profits recorded their highest rate of growth at 26% to reach Rs. 7.9 billion. Reduced cost of debt servicing through repayment of higher cost borrowings and a general reduction in interest rates combined with containment of other costs enabled a disproportionately higher increase of 44% in pre-tax profits to Rs. 5.2 billion. This is the highest pre-tax profit recorded by SLT since its incorporation. The post-tax profit of Rs. 2.68 billion is also the highest in SLT since incorporation.