Sri Lanka’s largest cellco by users, Dialog Axiata, has reported its consolidated financial results for the three months ended 31 March 2012, including its fixed line/internet and TV subsidiaries Dialog Broadband Networks (DBN) and Dialog Television (DTV), as well as fixed line operator Suntel, the acquisition of which Dialog completed on 21 March 2012. The group recorded a net loss of LKR531 million (USD4.15 million) in the first quarter of the year, which it blamed on the depreciation of local currency relative to the USD by 12.4% quarter-on-quarter, resulting in a foreign exchange loss of LKR2.1 billion, while the absorption of LKR343 million acquisition expenses relating to Suntel also contributed to the losses.
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OVETEL Dialog’s LKR2.1bn forex expense causes net loss
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