Business
CSE launches XBRL system to enhance financial reporting for listed companies
The Colombo Stock Exchange (CSE), in collaboration with the Securities and Exchange Commission of Sri Lanka (SEC) and the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), has embarked on a significant initiative to introduce the eXtensible Business Reporting Language (XBRL) for listed entities in Sri Lanka. This move is expected to transform the way financial data is submitted, analyzed, and disseminated within the capital market.
XBRL is a global standard for digital reporting, specifically for financial business data. XBRL is the universal language for business data reporting and standardizes communication of financial reporting. It enhances data accuracy, simplifies reporting, and allows for more effective analysis and faster comparison of financial information by businesses, regulators, researchers, investors, and other stakeholders.
The primary objective of this initiative is to streamline the submission of financial and non-financial information of listed companies set out in the Interim Financial Statements and Annual Reports by listed companies in compliance with the XBRL taxonomy, ensuring a more efficient and effective dissemination of financial data to the market. The XBRL taxonomy would be developed jointly with CA Sri Lanka and SEC.
The CSE formally marked the beginning of this journey by signing a contract agreement with Microvista Technologies (Pvt) Ltd, India on 9th April 2025, to develop the XBRL system. Microvista Technologies (Pvt) Ltd is a leading compliance platform provider in India possessing extensive experience in XBRL based financial reporting implementations. A demonstration of the proposed system was held at the CSE premises for 30 selected listed companies, representing the banking, insurance, and other sectors. This session provided companies with a first look at the system’s interface and functionality, followed by a Q&A forum to gather initial feedback. The CSE will conduct awareness sessions for Listed Entities through a structured engagement framework.
CSE intends to adopt a phased approach for the implementation of XBRL based financial reporting. In phase one, CSE plans to convert Interim Financial Statements into XBRL based digital financial reporting in early 2026. Upon successful adaptation of phase one by the listed companies, the CSE envisions expanding the scope of XBRL based financial reporting to Annual Reports by 2027 and the submission of Sustainability Reports by 2028.
The adoption of XBRL brings a multitude of benefits to listed entities and market stakeholders. Built-in validation tools help identify inconsistencies or omissions, while the automated system facilitates faster and streamlined financial reporting. Tagged data can be reused across multiple platforms and reports, reducing duplication in data entry and significantly lowering compliance costs.
The implementation of XBRL supports transparency and increases capital market efficiency by helping users of business and financial information locate relevant details. For example, companies reporting under a common taxonomy provide specific details that are immediately comparable by investors and analysts in investment decision-making. XBRL enables listed companies to switch resources away from costly manual processes, typically involving time-consuming comparison, assembly and re-entry of data. Instead, they are able to redirect more effort on analysis, supported by software, which can validate and manipulate XBRL information.
Compared to manual data entry and analysis, XBRL would increase the accuracy of information and enable more value-added analysis, review, and decision-making. It also enhances data analytics capabilities for both regulators and investors, while improving accessibility to a wider pool of international investors through cross-border comparability. XBRL filing provides a reduction in total costs over the long term. This can benefit the organization in various ways, such as improved investor relations, investor coverage, and access to capital markets. Since, XBRL is a widely accepted filing approach adopted by many jurisdictions, many foreign portfolio investors are already used to XBRL formats. As such, they would prefer financial statements published in XBRL for their analytical purposes.
This strategic initiative by the CSE reinforces their shared commitment to modernizing financial reporting infrastructure and aligning Sri Lanka’s capital market with international best practices in transparency, accuracy, and accessibility.
Dialog Axiata PLC announced its consolidated financial results for the three months ended 31st March 2025. Financial results included those of Dialog Axiata PLC (the “Company”) and of the Dialog Axiata Group (the “Group”).
The Group delivered a strong performance across Mobile, Fixed Line, Digital Pay Television and Tele-infrastructure businesses recording a positive Revenue growth of 4% Year on Year (“YoY”) to reach Rs43.3Bn for Q1 2025. On a Quarter on Quarter (“QoQ”) basis Revenue declined by 5% owing to conscious scaling down of low margin international wholesale business amounting to Rs1.7Bn for Q1 2025. Group Core Revenue was recorded at Rs41.4Bn for Q1 2025, up 20% YoY albeit declining 2% QoQ due to days impact. Group Earnings Before Interest, Tax, Depreciation and Amortisation (“EBITDA”) recorded a growth of 45% YoY to reach Rs19.7Bn albeit declining 7% QoQ due to moderate decline in core Revenue.
Headline EBITDA margin improved 12.8 percentage points as compared to Q1 2024. The Group Net Profit After Tax (“NPAT”) was recorded at Rs4.1Bn for Q1 2025 up 49% YoY albeit declining 39% QoQ. Dialog Group continued to be a significant contributor to state Revenues, remitting a total of Rs14.8Bn to the Government of Sri Lanka (“GoSL”) during Q1 2025. Total remittances included Direct Taxes and Levies amounting to Rs4.5Bn as well as Rs10.3Bn in Consumption Taxes collected on behalf of the GoSL. The Group continues to remain steadfast to meet growing demand from both retail and corporate sectors, whilst also ensuring seamless experience and leadership in Sri Lankas’ Broadband and ICT sectors. Dialog mobile network was recognised by third party network monitoring platform as the leader across 5G Experience, Coverage and Overall Experience. The Capital expenditure (“Capex”) for Q1 2025 reached Public
Rs3.7Bn representing an increase of 36% YoY. As a result of improved performance and controlled Capex, the Group recorded Operating Free Cash Flow (“OFCF”) of Rs12.3Bn for Q1 2025 up 71% YoY and >+100% QoQ.
In the recent quarter, Dialog was honoured as the ‘Telecommunication Brand of the Year’ for the 14th consecutive year and the ‘Service Brand of the Year’ for the 4th time at the SLIM-KANTAR People’s Awards 2025, held on March 18, 2025. This recognition, awarded based on the voice of the people, reflects the strong affinity with Sri Lankans over the years. Dialog was also recognized at the ACCA Sustainability Reporting Awards 2024, winning the ‘Non-Financial Services Category’ for its exemplary commitment to sustainability and transparency. This achievement reflects the company’s ongoing efforts to integrate sustainability into its business strategy and operations.
At an entity level, the Company continued to contribute a major share of Group Revenue (74%) and Group EBITDA (72%) during the quarter. Company Revenue was recorded at Rs32.3Bn up 26% YoY due to consolidation of Airtel business and stable pricing in the consumer space. On a QoQ was down 1% owing to days impact. EBITDA was recorded at Rs14.2Bn for Q1 2025 representing a growth of 63% YoY on the back of strong revenue performance and moderation in cost increase. On a QoQ basis EBITDA declined by 21% due to higher Network and Manpower costs. The Company NPAT was recorded at Rs2.9Bn for Q1 2025, up 78% YoY albeit declining 64% QoQ. Dialog Television (“DTV”), continued to consolidate its leadership position in the Digital Pay Television space, maintaining a strong subscriber base of over 1.6Mn as of end Q1 2025. DTV Revenue reached Rs3.1Bn for Q1 2025, remaining stable YoY albeit declining 6% QoQ due to slow down in subscription revenue and days impact. DTV EBITDA was recorded at Rs475Mn a growth of 3% YoY whilst declining 29% QoQ largely in line with the revenue movement. NPAT was recorded at a negative Rs367Mn for the quarter. Dialog Broadband Networks (“DBN”) featuring the Group’s Fixed Telecommunications, Broadband and International Businesses recorded Revenue of Rs9.0Bn for Q1 2025, down 38% YoY and 17% QoQ. The headline Revenue decline was due to the scaling down of low margin international wholesale business. The Core Fixed Business recorded a Revenue of Rs7.8Bn for Q1 2025, up 6% YoY and 2% QoQ. The EBITDA Public for DBN grew 24% YoY and 82% QoQ to record at Rs5.0Bn for Q1 2025, driven by decline in Network and Manpower costs. NPAT reached Rs1.6Bn for Q1 2025 increasing 72% YoY. More details are available at the following links:
Dialog Axiata PLC direct weblink: https://www.dialog.lk/financial-report-archives#quaterly-reports
CSE direct weblink: https://www.cse.lk/pages/company-profile/company-profile.component.html?symbol=DIAL.N0000
Dialog sustainability: https://www.dialog.lk/sustainability
Sri Lanka celebrates a moment of immense national pride as hachajah – the artistic moniker of Colombo-born singer, songwriter and producer Charith Peris — secures two prestigious accolades at the Contemporary A Cappella Recording Awards (CARAs), hosted by the Contemporary A Cappella Society (CASA). These global awards, considered the highest honour in recorded a cappella music, have previously recognised internationally acclaimed acts like Pentatonix, now a household name in the genre.
hachajah’s debut EP, No Place Like, was awarded Best Semi-Professional Post-Collegiate Album or EP, while his poignant single Colombo Sky earned Best Song by a Solo Performer. With eight nominations and runner-up honours in two additional categories, this debut marks a breakout moment for the artist – and a significant cultural win for Sri Lanka.
“Winning a CARA was a personal dream. To win two with my first EP is surreal,” hachajah shares. “These awards are an honour to receive, as they recognise my journey, my Sri Lankan roots, and the stories I carry through music.”
Known for his distinctive fusion of pop a cappella with traditional Sri Lankan narratives and musical elements, hachajah crafts songs that are both deeply personal and widely resonant. Drawing from his experiences growing up in Colombo during the civil war, his music explores themes of identity, longing, and cultural memory.
Season 4 Honda Purudu Championship Finals were held at the Temple Trees Auditorium on the 27th of April, with the Rotary district governor, Sushena Ranatunga, as the chief guest. The governor enlightened the audience, filled with teachers, principals and other educators the importance of bringing back the lost values in our country. He thanked the children for learning and expressing these important values using performing arts and advised them to make them part of their daily lives.
Children in Sri Lanka are navigating a world filled with complex moral dilemmas and often lack the guidance to cultivate essential values like kindness, honesty, and respect. Honda Purudu Championship is part of the Little Minds Strong Values (LMSV) program, conceptualised by Rotarian Rukshan Perera, supported by the Rotary Club of Colombo Metropolitan, and collaborated with the Ministry of Education to roll out to schools around the country. LMSV attracts the children with engaging, value-embedded, video-animated songs that teach core values while inspiring the child
ren to express these values and perform skits in school and join the Honda Purudu Championship through the performing arts. This process aspires to place values education at the forefront of children’s lives (in school and at home) and mould the next generation to become compassionate and responsible leaders.
HONDA PURUDU CHAMPIONSHIP: The annual Honda Purudu Championship further encourages children and schools to participate and sustain these values while winning Awards & Certificates. It is open to preschoolers, primary and secondary schoolers in the Solo and Group categories. As a byproduct, the children continue to enhance their talents in the performing arts.
Season 4 LMSV Championship has made remarkable strides with more than 11,000 children showcasing active engagement nationwide, with schools embracing LMSV values in various innovative ways, benefiting thousands of children. The professional judges selected 140 children, and they were invited to the finals in Colombo. They came from North, South, East and West – Jaffna, Ampara, Batticaloa, Galle, Kalutara, Kandy, Badulla, and several other big cities and small towns. Children selected LMSV songs of their choice to eagerly express these values via Song, Dance, Speech, and Drama. In the process, they surprised the audience with their fabulous talents, wearing beautiful costumes, expressing these values in the mediums they enjoy, and elevating the afternoon to an impressive event.
The principals, teachers and other educators spoke very highly of the event; “We are thankful to the Ministry of Education and Rotary for introducing LMSV to schools”, “This is an innovative program for children to build future leaders with good morals”, “Every child must be exposed to the LMSV program to build the future of our country”…etc.
COMPREHENSIVE WEBSITE TO DRIVE THE PROCESS: LMSV website WWW.LMSV.LK provides a comprehensive platform that connects educators with integrated tools in one seamless experience. It’s a one-stop shop for teachers, parents, students, and the community to learn the program via online tutorials, guides, and presentations.
This is an annual event organised by the Rotary Club of Colombo Metropolitan, and we welcome all school principals, teachers and parents around the country to help the children join the Honda Purudu Championship and learn these important values for life. Season 5 will begin in May 2025.
-
Opinion7 days agoRemembering Dr. Samuel Mathew: A Heart that Healed Countless Lives
-
Business5 days agoAitken Spence Travels continues its leadership as the only Travelife-Certified DMC in Sri Lanka
-
Latest News3 days agoNPP win Maharagama Urban Council
-
Business5 days agoLinearSix and InsureMO® expand partnership
-
Business3 days agoJohn Keells Properties and MullenLowe unveil “Minutes Away”
-
Features7 days agoTrump’s economic missiles are boomeranging
-
Latest News6 days agoThe Heat index is likely to increase up to ‘Caution level’ at some places in Eastern, Northern, North-central and North-western provinces and in Monaragala and Hambantota districts.
-
Business4 days agoNDB Bank partners with Bishop’s College to launch NDB Pixel awareness