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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Dialog consolidates performance with a Net Profit of Rs3.0Bn in 1H 2014

Dialog consolidates performance with a Net Profit of Rs3.0Bn in 1H 2014

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Market R

Market R
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Dialog Axiata PLC announced, Friday 08th August 2014, its consolidated financial results for the six months ended 30th June 2014. 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 growth in revenue across Mobile, Digital Pay Television and Fixed Line businesses to reach Rs16.7Bn in Q2 2014 and Rs33Bn for 1H 2014 respectively, representing an increase of 2% Quarter On Quarter (“QoQ”) and 7% Year to Date (“YTD”). On the backdrop of strong revenue growth and lower operating costs, Group EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) increased 12% QoQ with Q2 2014 EBITDA being recorded at Rs5.3Bn. Group EBITDA for 1H 2014 was recorded at Rs9.9Bn featuring an EBITDA margin of 30.2%.

Group NPAT (Net profit After Tax) for Q2 2014 was posted at Rs1.7Bn, an increase of 31% QoQ on the back of growth in Group EBITDA and lower depreciation. Group NPAT for 1H 2014 was recorded at Rs3.0Bn, an increase of 15% YTD largely due to 1H 2013 performance being impacted by foreign exchange losses.

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 (85%) and of Group EBITDA (90%). Underpinned by the contribution from its 9 Million over Mobile subscriber base, Company Revenue grew by 1% QoQ to reach Rs14.4Bn in Q2 2014, with revenue for 1H 2014 being recorded at Rs28.6Bn, up 6% relative to the corresponding period in 2013. Company EBITDA reached Rs4.7Bn in Q2 2014 and Rs8.9Bn for 1H 2014 respectively, representing an increase of 13% QoQ and 1% YTD, largely driven by growth in revenue and lower operating costs. Company NPAT for Q2 2014 increased by 35% QoQ to reach Rs2.0Bn on the back of higher EBITDA. Company NPAT for 1H 2014, was posted at Rs3.5Bn compared to a NPAT of Rs2.7Bn recorded for the corresponding period in 2013 largely due to 1H 2013 performance being impacted by foreign exchange losses.

Dialog Television (DTV) the Digital Pay Television business of the Dialog Group continued its positive performance trajectory to reach a revenue figure of Rs2.2Bn for 1H 2014, exhibiting growth of 30% on a YTD basis. On the back of strong revenue performance EBITDA for the same period grew 70% YTD to be recorded at Rs506Mn. DTV Net Profit for 1H 2014, driven by growth in EBITDA was recorded at Rs222Mn, compared to a Net Profit of Rs10Mn posted for the corresponding period in 2013. The company’s Pay TV subscriber base grew by over 102,000 subscribers YoY to be recorded at 390,000 as at end Q2 2014.

Dialog Broadband Networks (DBN) featuring the Group’s Fixed Telecommunications and Broadband Business recorded revenue of Rs3.0Bn for 1H 2014, representing an increase of 2% YTD. Following the expiration of VAT credits recognised during the previous year, DBN EBITDA contracted 41% YTD to reach Rs507Mn. DBN’s Net Loss for 1H 2014 was recorded at Rs655Mn relative to the Net Loss of Rs97Mn in the corresponding period of 2013. Negative movement in NPAT performance was underpinned by the decline in EBITDA in combine with the increase in depreciation stemming from Fixed 4G LTE related investments.

Group capital expenditure for Q2 2014 amounted to Rs2.5Bn and was focused on coverage and capacity expansion alongside the extension of the Group’s Optical Fibre Network. Group Free Cash Flow (FCF) was recorded at Rs2.5Bn for Q2 2014 on the back of improved EBITDA and lower Capex spend during the quarter. The Dialog Group continued to maintain a structurally robust balance sheet with the Net Debt to EBITDA ratio at Group level being maintained at 1.20x as at end of June 2014.

kkronline


Equity Analytic
Equity Analytic
FCF is still lower for such a large customer base. Bottom line improvement is required

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