Despite severe competition faced by mobile telecom industry in Sri Lanka Dialog Telekom has managed to turn back to profit.
For the quarter ended 31st March 2010 Dialog Group made profit of Rs 705,056,000.00 against loss of Rs 1,868,564.00. Although it is only 0.08 cents per share it was a remarkable achievement in a highly competitive environment. Group turnover has improved to 9.79 billion rupees from 8.47 billion for the comparative period last year.
Sri Lanka’s Telecom industry faced deadly competition after entering fifth mobile player Airtel (Indian Company). Price war was started even before they start their commercial operations early last year.
Dialog Telekom shares traded at Rs 9.00 in early trading today.
The Securities & Exchange Commission of Sri Lanka (SEC) has issued directive to Colombo Stock Exchange to reduce transaction cost by 20%. But the government tax of 0.20% will not be changed. The new fee structure will be effective from 1st July 2010.
The new transaction cost is 1.020% on transaction value up to Rs 50 million. The following table shows the full details of new & previous fee structure.
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Billionaire US based (Sri Lankan Born) fund manager Mr. Raj Rajarathnam was arrested over insider trading on last Friday.
He has started investing in Colombo Stocks back in year 2001 & up to now invested in many blue chip companies traded in CSE. According to brokers, there will be negative effect for the market as he is the one of biggest foreign investor in Colombo Stock Market.
Mr. Rajarathnam is one of top 10 largest shareholders in Blue Chip John Keells Holdings Plc with stake close to 10%.
Sri Lanka’s Stock Market is still very small in terms of market capitalization when compared to regional markets. So, one big investor can change the direction. But definitely it will be temporary & will back to normal in few days. We have to wait till market reopens on Monday 19th Oct 2009 to see the results.
