PTC: Bottom line shrinks by 21.3% YoY in CY21

MG News | February 10, 2022 at 03:44 PM GMT+05:00

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February 10, 2022 (MLN): Pakistan Telecommunication Company Limited (PTC) has unveiled its financial results for the year ended December 31, 2021 as per which the profitability of the company drops to Rs2.57 billion, down by 21.3% YoY, compared to Rs3.27bn in CY20.

As per the financial statement issued by the company to PSX, PTC’s sales revenue inched up by 6.34% YoY to stand at Rs137.65bn. Meanwhile, the 7% increase in cost of sales hit the gross margins of the company by 100 bps to clock in at 25% compared to 26% in CY20.

Moreover, an increase in administrative and general expenses and selling expense by 7.52% YoY and 14.44% YoY respectively also contributed to weakening the financial stability of the company.

On the other hand, the other income rose by 31% YoY to Rs10.87bn. Meanwhile, finance cost of the company increased by 34.37% YoY to Rs12.54bn.

More notably, tax expenses of the company declined by around 26% YoY, providing the cushion to its earnings.

Consolidated Financial Results for the year ended December 31, 2021 ended ('000 Rupees)
	Dec-21	Dec-20	%Change
Revenue	137,625,446	129,422,497	6.34%
Cost of services	(103,095,709)	(96,312,058)	7.04%
Gross profit	34,529,737	33,110,439	4.29%
Administrative and general expenses	(18,237,317)	(16,961,326)	7.52%
Selling and marketing expenses	(8,147,223)	(7,119,067)	14.44%
Impairment loss on trade debts and contract assets	(3,062,239)	(3,390,604)	-9.68%
	(29,446,779)	(27,470,997)
Operating Profit	5,082,958	5,639,442	-9.87%
Other income	10,846,724	8,261,727	31.29%
Finance cost	(12,542,649)	(9,334,626)	34.37%
Profit before tax	3,387,033	4,566,543	-25.83%
Provision for income tax	(811,768)	(1,293,877)	-37.26%
Profit for the period	2,575,265	3,272,666	-21.31%

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