Sri Lanka Telecom has noted that as its group financial performance fell in year 2023, they expect to refocus and consolidate during the new financial year.
Sri Lanka Telecom Group Chairman A.K.D.D.D. Arandara asserted that the entity is looking to transform and is committed to creating a more efficient, agile, and cost-effective organisation, which is well positioned for future growth.
He noted that following a comprehensive review by the Audit Committee, including benchmarking against regional best practices for multi-company governance, the board adopted a strategic initiative to consolidate and streamline the Group structure.
“This involved establishing effective governance frameworks for all privately held subsidiaries, ensuring clear accountability and performance measurement,” said Arandara in the entity’s latest annual report.
The streamlined structure was implemented in a phased approach and became fully operational in March 2024.
“Optimising our operations, we are working to maximise efficiency across the Group. While staff cost-to-revenue ratios are currently higher than the industry average, the board is committed to achieving sustainable and profitable growth while optimising operations to improve these metrics,” he said, noting that a key element in this endeavour is fostering a vibrant performance culture across the Group.
“We are looking to our staff to provide exceptional customer experiences as a core focus, and will be creating necessary structures to enable performing staff to reap the benefits,” Arandara further added.
SLT group, for 2023, reported a Loss After Tax of Rs. 3.9 billion as the Group experienced marginal revenue de-growth in single digits. SLT recorded a loss of Rs. 1.1 billion, and Mobitel a loss of Rs. 3.6 billion. SLT’s operations recorded a growth in revenue of 3.2 percent during the year, while Mobitel recorded a reduction in revenue of 5.7 percent Year-on-Year (YoY).
