Sri Lanka Telecom :: Annual Report 2003

•	Competitive State-of-the-Art Customer Focused

•	Financial Review

•	Risk Management

•	Report of the Directors

•	Statement of the Directors' Responsibilities in Relation to the Financial Statements

•	Report of the Auditors

•	Consolidated Income Statement

•	Consolidated Balance Sheet

•	Consolidated Statement of Changes in Equity

•	Statement of Changes in Equity

•	Consolidated Cash Flow Statement

•	Accounting Policies

•	Notes to the Financial Statements

•	Five Year Progress

•	Value Addition

•	Investor Information

Consolidated Income Statement

(All amounts in Sri Lanka Rupees millions) For the year ended 31 December 2003


		Group		Company
	Notes	2003	2002	2003	2002

Revenue	1	25,553	25,383	24,477	25,207
Operating costs	2	(10,924)	(9,826)	(10,024)	(9,710)
Operating profit before depreciation		--------- 14,629	--------- 15,557	--------- 14,453	--------- 15,497
Depreciation	9	(8,241) ---------	(7,604) ---------	(7,987) ---------	(7,558) ---------
Operating profit		6,388	7,953	6,466	7,939
Voluntary Retirement Scheme (VRS)	4	(710)	–	(710)	–
Non-operating income		111	108	111	107
Interest expense and related charges	5	(2,863)	(3,377)	(2,802)	(3,365)
Interest income		316	552	311	551
Share of result before tax of associate	11	–	(29)	–	(29)
Profit before tax		--------- 3,242	--------- 5,207	--------- 3,376	--------- 5,203
Tax	6	(993) ---------	(2,522) ---------	(993) ---------	(2,522) ---------
Net profit		2,249 ======	2,685 ======	2,383 ======	2,681 ======
Earnings per share (Rs.)	7	1.25	1.49	1.32	1.49

All the Group’s activities are continuing activities.

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