Sri Lanka Telecom has reported a 28.6% increase in net profit for 2016 to 4.8 billion rupees, with solid growth across its fixed and mobile operations.
Total group revenue grew 8.5% to 73.8 billion rupees, in a result the company attributed to the decision to make continuous investments in data and broadband performance improvements.
Operating costs grew 11.7% as a result of increased government tax levies as well as the cost of repairs to damage to equipment and infrastructure from floods in several provinces.
Net profit was also positively impacted by lower foreign exchange losses, the company said.
Holding company Sri Lanka Telecom PLC meanwhile reported a net profit of 1.7 billion rupees and a 6.3% increase in revenue to 43.1 billion rupees.
SLT group chairman stated that the company believes that aligning the group's goals with that of the government's vision for the future of ICT in the nation will drive further growth in 2017.
The company has expanded its portfolio of services it can offer to customers to encompass areas based on the IoT over SLT's fiber network.