SLT-MOBITEL reports marginal growth in 1Q
SLT-MOBITEL has reported a flat growth in Q1 2024 ending March 31, 2024, amidst a challenging business environment. However, the company’s proactive cost management initiatives have resulted in significant operational cost savings, enabling it to maintain profitability.
For the quarter, the SLT Group has recorded consolidated revenue of LKR 26.93 billion, reflecting a marginal 1.4% year-on-year increase. However, compared to the fourth quarter of the previous year, i.e.,Q4 2023, there was a modest increase of 3.7% in revenue, driven by enterprise and broadband revenues.
The Company has successfully implemented cost-saving measures, resulting in a decrease of 0.6% in operational expenditure (excluding depreciation and amortization) compared to Q1 2023. This was partly due to the decrease in dollar-denominated expenses such as Annual Maintenance Cost (AMC), international settlement, and internet backbone charges due to the rupee appreciation.
The first quarter of 2024 presented a volatile business landscape, with macroeconomic factors impacting the topline performance.
However, SLT-MOBITEL swiftly implemented strategic cost optimization measures, which enabled the company to realize significant operational cost savings of 2.7% at the Group level.
SLT-MOBITEL’s cost-saving efforts comprised various initiatives, including rationalizing annual maintenance costs, vehicle hiring charges, international settlement charges, and repair and maintenance expenses.
These measures contributed to an EBITDA increase of 10.3% year-on-year, showcasing the company’s commitment to operational efficiency.
Techno Hub Malabe by ICC introduces innovative office spaces
Techno Hub at Malabe, yet another innovative construction by International Construction Consortium (Pvt) Ltd (ICC) to provide commercial space at Malabe.
With its success story of Iceland Business centre located in Colombo, Techno hub is considered as the second commercial space project constructed, developed & managed by ICC Pvt Ltd.
Malabe has become the most sought-after residential suburbs in the Greater Colombo area with the rapid development of Southern Expressway and outer circular Highway with proximity to major financial and administrative hubs of Sri Lanka. Malabe has been proposed as the Information Technology Hub, as per the Government’s Megapolis Development Project.
Techno Hub by ICC to provide relaxing stress-free office environment and consists of two basement parking, ground floor, mezzanine floor & 9 upper floors which offers; open plan offices, raised floor system, natural lighting and ventilation, high ceiling, rest room facility at every floor, individual server rooms and terrace spaces.
SL Embassy in Vietnam discusses investment opportunities with EV Manufacturer, VinFast
The Embassy in Vietnam had a meeting with the top-most management of the iconic automobile manufacturer, VinFast, at their corporate Head 0ffice in Ha Noi to discuss and explore commercial and investment opportunities, thus benefiting both Sri Lanka and VinFast.
VinFast is the auto manufacturer under the parent company of Vingroup, one of the largest listed corporates in South-East Asia. The Ambassador Dr. A. Saj U. Mendis along with the Minister Commercial, Kishani Wickramasinghe, met with the Vingroup Chief of International and Government Affairs cum VinFast Deputy CEO, Bui Kim Thuy, along with the senior management of VinFast.