Dialog 1Q net profit up 56% despite tax snags

14 May 2015 06:34 am - 0 - {{hitsCtrl.values.hits}}

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Dialog Axiata PLC, the local unit of Malaysia’s Axiata Group, said its net profit for the quarter ended March 31, 2015 (1Q15) rose 56 percent year-on-year (YoY) to Rs.1.9 billion amid higher gains from mobile operations.

Revenue for the period grew 6 percent YoY to Rs.17.3 billion. Earnings per share improved to 24 cents from 16 cents in the same quarter of the previous year. The group remitted a total of Rs.5.9 billion to the government of Sri Lanka during the quarter under review by way of direct taxes, levies and consumption taxes.

The group has estimated the impact of the Super Gains Tax (SGT) proposed by the interim budget presented this January to be Rs.3 billion. The SGT is applied to the profits of FY14.

As a result of the diluted profits originating post SGT, the group recommended a total of Rs.1.1 billion dividend from FY14, which translates to 13 cents per share.

The revenue from the group’s mobile operations during the quarter improved to Rs.14.4 billion, up from Rs.14 billion in the same period of the previous year, on the back of 9.8 million subscribers.

The segment’s operating profits stood at Rs.2.6 billion, up from Rs.1.64 billion.

The fixed telephony and broadband operations brought in a revenue of Rs.1.43 billion during 1Q15, against Rs.1.26 billion in 1Q14.

With the higher revenue the segment was able to significantly narrow its operating loss of Rs.56.6 million from Rs.293 million.

The pay TV operations recorded a revenue of Rs.1.45 billion in 1Q15, up from Rs.1.05 billion in 1Q14. The operating profit of the segment edged up to Rs.155.5 million from Rs.143.2 million.

The group’s capital expenditure for 1Q15 amounted to Rs.2.2 billion.

As at March 31, 2015, Axiata Investments (Labuan) Limited held 83.32 percent of the equity of the company while state-controlled private sector pension fund the Employees’ Provident Fund held 2.18 percent as the third largest shareholder.

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Dialog 1Q net profit up 56% despite tax snags

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