Dialog Telekom reports strong gains in 2004

Sri Lankan mobile operator Dialog Telekom has reported a 43% rise in net profit to LKR4.1 billion (USD41 million) on a 53% surge in turnover to LKR11.4 billion, driven by continuing strong growth in the country’s underdeveloped mobile market. Dialog Telekom, a wholly owned unit of Telekom Malaysia, said the overall market grew by 59% to 2.2 million last year boosting cellular penetration to 11%; the cellco has around 1.4 million users, a market share of around 55%. Dialog plans to launch an IPO in July and is expected to offer a 9.3% stake valued at USD40 million to USD50 million.