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. |