Foreign exchange gain pushes Sri Lanka’s Dialog Axiata net up in Dec

ECONNOMYNEXT- Sri Lanka’s Dialog Axiata Plc reported a net profit of 2.3 billion rupees for the December quarter, an over twentyfold growth from 92 million rupees a year earlier on foreign exchange gains.

Dialog reported 30 cents in earnings per share in the firm’s interim financial report. The firm said it earned 1.32 rupees per share for the year ended 2019. Dialog closed trading on the Colombo Stock Exchange at 12.60 rupees a share on Friday.

Revenue for the December quarter grew 4 percent to 29.7 billion rupees, while cost of sales rose at a faster 5.7 percent to 16.8 billion rupees, leading to gross profits growing at a slower 1.8 percent to 12.9 billion rupees.

Net foreign exchange gains for the quarter were 76.6 million rupees, up from a net loss of 2.4 billion rupees a year earlier.

Finance costs grew 34.2 percent to 773.7 million rupees.

Long-term borrowings at end-December fell to 33 billion rupees from 40.8 billion rupees a year earlier, while short-term borrowings grew to 36.9 billion rupees from 35.6 billion rupees.

Dialog posted 116.8 billion rupees in revenue for the 12 months ended December, up from 109.2 billion rupees.

Revenue from mobile operations fell 5 percent to 86.5 billion rupees.

Fixed telephony and broadbank revenue grew 70.7 percent to 26 billion rupees, and Dialog said it was continuing to invest in high-speed broadband infrastructure.

Television revenues grew 16.7 percent to 8.7 billion rupees. The firm said television subscribers grew 25 percent in 2019 from a year earlier. (Colombo/Feb02/2020)

Reporting by Chandeepa Wettasinghe

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