Mobitel profit exceeds Rs 200 million in Q1

For the first quarter of 2010 Mobitel reported an after tax profit of Rs 204 million as against Rs 113 million losses in the fourth quarter of 2009, recording a 280 percent improvement, a company media release said. The reported profit for the corresponding quarter of 2009 was Rs 250 million, but during that quarter the company enjoyed an exemption from corporate tax. The profit of Rs 204 million for the first quarter of 2010 has been reported after providing Rs 98 million against taxes. The profit growth in the 2010 first quarter is a result of an impressive growth in revenue of the company since mid 2009. In absolute terms Mobitel recorded a sales turnover of Rs 4.6 billion in the first quarter of 2010 compared to Rs 3.6 billion in the corresponding quarter of 2009, an increase of Rs 1 billion. This significant feat was possible due to a growth in the subscriber base by 766,000 since the first quarter of year 2009, despite the stepped up intensity in competition in the mobile telephony sector. By the end of the first quarter of 2010 Mobitel reported a subscriber base of 3.58 million.   www.dailynews.lk/2010/04/26/bus06.asp