Tele Profits

May 09, 2013 (LBO) – Sri Lanka’s Dialog Axiata reported profits of 1.59 billion rupees in the March 2013 quarter from a loss of 540 million rupees made a year earlier mostly due to currency depreciation. The group reported earnings of 20 cents per share, in accounts filed with the Colombo Stock Exchange.

In mid-day trade Thursday, Dialog Axiata was down 0.30 cents to 9.40 rupees.

Group revenues which also included, fixed access and pay television rose 18.5 percent to 15.2 billion rupees, cost of sales rose at a slower 17 percent to 8.3 billion rupees allowing gross profit to rise 20.4 percent to 6.8 billion rupees.

Operating profits also rose 9.0 percent to 2.0 billion rupees.

Finance costs fell to 123 million rupees compared to 2.2 billion rupees a year earlier, when the rupee depreciated sharply. From late 2012 the rupee has been strengthening.

The group had also received 1.2 billion rupees in a telecom development fee from the regulator, which had been pending. The company said 429 million rupees accrued during the quarter.

Dialog said revenues at its pay TV business grew 25 percent to 848 million rupees in the quarter from a year earlier.

Costs of introducing hig