Dialog first quarter profits at Rs.1.6bn

Sri Lanka's leading mobile services provider, Dialog Axiata PLC has posted a net profit of Rs.1.59 billion for the first quarter of FY13 against a net loss of Rs.531 million in the same quarter of the previous year, helped by reduced financial costs and tax refunds, the interim financial accounts released to the Colombo Stock Exchange showed.

Dialog, a unit of Malaysia's Axiata group, saw its revenue rising to Rs.15.2 billion during the quarter under consideration against Rs.12.8 billion the group recorded in the corresponding quarter of the previous year, thus boosting the gross profit by over Rs.1.2 billion Year-on-Year.

The group also has been able to keep its costs at moderate levels vis-à-vis the revenue increase and the earnings per share for the three months stood at 20 cents against a loss per share of 0.07 cents in 1Q12.

The group has been able to reduce its finance cost originating from US dollar loans to Rs.210 million during the quarter against Rs.2.3 billion finance cost the group reported in 1Q12.

Dialog also received a tax refund under Telecommunication Development Charge Fund amounting to Rs.1.24 billion against zero refunds in the same quarter of the previous year.

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