Sri Lanka’s Dialog Axiata March quarter profit up 72-pct

ECONOMYNEXT – Sri Lanka’s Dialog Axiata Plc reported group net profit shot up 72 percent to 4.88 billion rupees in the March 2019 quarter from a year ago, helped by foreign exchange gains.

The group had earnings of 60 cents a share for the quarter, according to interim results filed with the stock exchange.

The stock was trading unchanged at 8.90 rupees Tuesday.

March 2019 quarter sales rose 11.5 percent to 29 billion rupees from the year before.

A company statement said the group benefitted from strong EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) performance and non-cash translational forex gains in the March 2019 quarter.

The Sri Lankan rupee appreciated against the United States dollar by 3.6 percent in the first quarter of 2019 compared with a depreciation of 1.5 percent and 8.2 percent in the first quarter of 2018 and fourth quarter of 2018.

“Normalised for non-cash translational forex losses/gains net profit after tax was recorded at 3.6 billion rupees, up 54 percent quarter-on-quarter and 11 percent year-on-year.”
(COLOMBO 14 May 2019)

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