PTC incurs losses of Rs1.5bn in 1QCY22

MG News | April 14, 2022 at 11:55 AM GMT+05:00

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April 14, 2022 (MLN): Pakistan Telecommunication Company Limited (PSX: PTC) has unveiled its financial results for the quarter ended on March 31, 2022, on Wednesday, whereby the company has suffered a net loss of Rs1.5 billion against a net profit of Rs1.6bn, the company’s filling on PSX showed.

PTC’s sales revenue inched up by 3.21% YoY to stand at Rs35bn while the 10.82% increase in the cost of sales squeezed the gross margins of the company from 27.46% in 1QCY21 to 22.12% in 1QC22.

Moreover, an increase in administrative and general expenses and selling expenses by 4.84% YoY and 12.23% YoY respectively also contributed to weakening the financial stability of the company.

The other income rose by 18.43% YoY to Rs3.56bn in the review period.

On the back of tightening monetary policy, the finance cost of the company jumped by 93.51% YoY to Rs6bn in 1QCY22.

Consolidated Financial Results for the Quarter ended March 31, 2022, ended ('000 Rupees)
	Mar-22	Mar-21	%Change
Revenue	35,051,051	33,959,997	3.21%
Cost of services	(27,299,214)	(24,633,475)	10.82%
Gross profit	7,751,837	9,326,522	-16.88%
Administrative and general expenses	(4,609,941)	(4,397,138)	4.84%
Selling and marketing expenses	(2,160,518)	(1,925,009)	12.23%
Impairment loss on trade debts and contract assets	(668,106)	(630,957)	5.89%
	(7,438,565)	(6,953,104)	6.98%
Operating Profit	313,272	2,373,418	-86.80%
Other income	3,565,315	3,010,570	18.43%
Finance cost	(6,038,655)	(3,120,622)	93.51%
(Loss)/Profit before tax	(2,160,068)	2,263,366	-
Provision for income tax	601,601	(656,560)	-
(Loss)/Profit for the period	(1,558,467)	1,606,806	-

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