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Dialog continues growth momentum with strong 3Q

Dialog Axiata PLC announced its consolidated financial results for the nine months ended September 30, 2011. Financial results included those of Dialog Axiata PLC (the "Company") and of the Dialog Axiata Group (the "Group") post consolidation with subsidiaries Dialog Broadband Networks (Pvt.) Ltd ("DBN") and Dialog Television (Pvt.) Ltd ("DTV").

The Group recorded strong revenue growth across all segments to reach Rs 11.6 billion for the third Quarter.

Group Revenue for the nine months ending September 30, 2011 was recorded at Rs 33.7 billion, delivering growth of 5% QoQ and 10% YoY.

Revenue growth in combine with effective cost management lead to the Group posting a healthy growth in EBITDA with Q3 2011 EBITDA being recorded at Rs 4.3 billion, inclusive of the recognition of Rs 342 million pertaining to Telecommunication Development Fund refunds from the TRCSL accordingly, EBITDA increased 14% QoQ.

The positive performance trajectory at Group level was underpinned by robust growth in the Group's core mobile business as reflected in the financial performance of the company.

On the strength of a seven million strong mobile subscriber base, Company Revenue grew by 5% QoQ to reach Rs 10.7 billion. Company revenue for the nine months ending September 30 was recorded at Rs 30.9 billion, up 10% relative to the corresponding period in 2010.

The company costs grew by 16% YoY. Cost expansion at company level is attributable in the main to revenue linked costs associated with International origination and Domestic Interconnection Charges, and escalation in network operating costs in line with the aggressive expansion of the Company's 2G and 3G infrastructure footprint.

Cost escalation YTD was further influenced by the impact of non-recoverable VAT expenditure, in light of changes in the VAT environment applicable to the telecom industry since January 2011.

Notwithstanding revenue linked cost expansion, EBITDA at company level increased by 15% QoQ (inclusive of the recognition of TDF refunds) to reach Rs 4.1 billion in Q3 2011.

On the backdrop of robust EBITDA performance in the 3rd Quarter, Company PAT grew by 3% QoQ to be recorded at Rs 1.7 billion in Q3 2011.

Dialog Television (DTV) continued its positive growth momentum recording YoY revenue growth of 13% to reach Rs 1.7 billion for first nine months of 2011. EBITDA for Q3 2011 was posted at Rs 118 million and Rs 377 million for the 1st nine months of 2011.

On an YoY comparison, DTV EBITDA improved 182% relative to the corresponding period in 2010.

The DTH Pay Television subscriber base increased by 32% relative to the corresponding period in 2010 to surpass the 200,000 subscriber milestone during the third Quarter.

Dialog Broadband Networks, featuring Dialog's fixed telecommunications business continued to consolidate performance trends of the previous quarters, to record its sixth successive quarter of positive EBITDA in Q3 2011. Group Capital expenditure for the nine months ending September 30, 2011 was recorded at Rs 6.7 billion.

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