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18 February, 2016 09:03 AM Source: Financial Times - Sri Lanka
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Impacted by a disappointing second half largely over external factors, Dialog Axiata Group has ended 2015 with net profit declining by 15% to Rs. 5.18  billion in spite of a 10% growth in revenue to Rs. 74  billion.
Fourth quarter net profit was down by 58% to Rs. 621 million, on top of a similar decline in the third quarter.

The Group operating profit amounted to Rs. 9.5 billion, up from Rs. 8 billion in 2014. Pre-tax profit was Rs. 6.7 billion, down from Rs. 7.3 billion. It suffered a foreign exchange loss to the value of Rs2.2 billion leading to negative growth in profits 

In its statement on provisional financial results, Dialog said the Group continued its strong growth momentum across Mobile, Digital Pay Television, Tele-infrastructure and Fixed Line businesses to record consolidated revenue of Rs. 73.9 billion for the Financial Year 2015 and Rs. 20.0 billion for Q4 2015 respectively, demonstrating a significant growth of 10% Year on Year and 6% Quarter on Quarter.
Untitled-2Robust revenue growth combined with operational efficiencies derived through cost management initiatives resulted in Group EBITDA for FY 2015 growing by 14% YoY to reach Rs. 23.8 billion. The Group EBITDA margin for FY 2015 was accordingly recorded at 32.2%. On a QoQ basis however, Group EBITDA declined by 11% to be recorded at Rs. 5.6 billion for Q4 2015.

Notwithstanding robust growth in all operational performance metrics, the Group was significantly impacted by non-cash, translational foreign exchange losses to the value of Rs. 2.2 billion during the year, accruing from the depreciation of the LKR relative to the USD by 9.2% YoY. Group NPAT was posted at Rs. 5.2 billion for FY 2015 and Rs. 620 million for Q4 2015, exhibiting a contraction of 15% YoY and 9% QoQ. Group NPAT post normalisation for the non-cash translational foreign exchange losses was recorded at Rs. 7.4 billion for FY 2015, representing an increase of 18% YoY.

The Group remitted a total of Rs. 27.6 billion to the Government of Sri Lanka (GoSL) in the form of taxes and levies during the financial year ended 31st December 2015. Total remittances included direct taxes and levies as well as consumption taxes collected on behalf of the GoSL. Direct taxes, fees and levies contributed by the Group totalled Rs. 12.7 billion inclusive of income tax. The Group additionally collected consumption taxes, totalling Rs. 14.9 billion on behalf of the GoSL for FY 2015, comprising in the main of Telecom Levy collections amounting to Rs. 11.7 billion.

At an entity level, Dialog Axiata PLC (“the Company”) featuring the Mobile, International and Tele-Infrastructure segments of the Group portfolio continued to contribute a major share of Group Revenue (84%) and Group EBITDA (85%). On the back of its Mobile customer base of over 10.8 million subscribers, Company revenue for FY 2015 grew by 9% YoY to be recorded at Rs. 62.9 billion. Underpinned by strong revenue growth and positive outcomes from cost management initiatives, Company EBITDA recorded a growth of 10% YoY to reach Rs. 20.3 billion for FY 2015, translating to an EBITDA margin of 32.3%.

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