Sri Lanka’s Dialog Axiata reports higher profits amid tax uncertainties

COLOMBO (EconomyNext) – Sri Lanka’s Dialog Axiata said profits rose 56 percent from a year earlier to 1.9 billion rupees in the March 2015 quarter, though tax uncertainties may result in further costs. Group revenues rose 6.0 percent to 17.3 billion rupees and cost of sales fell to 9.5 billion rupees from 9.8 billion a year earlier, helping boost gross profits to 7.7 billion rupees from 6.5 billion rupees. The firm estimated additional taxes of 3.0 billion rupees once retrospective tax laws are passed in parliament. The firm had remitted 6.1 billion rupees of taxes including 3.5 billion rupees of direct taxes collected on behalf of the government.

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