PTC: Net losses skyrocket to Rs5.72bn in 1QCY23
By MG News | April 18, 2023 at 03:08 PM GMT+05:00
April 18, 2023 (MLN): Pakistan Telecommunication Company Ltd (PTC) released its 1QCY23 results wherein it posted a net loss of Rs5.72 billion, which was 3.66x YoY higher than the loss reported in the same period last year, the company’s filing on PSX showed on Tuesday.
The company’s revenue stood at Rs43.19, up from Rs35.05bn in the same period last year, depicting a surge of 23.21% YoY.
On the expense front, administrative expenses increased by 23.12% YoY to Rs5.68bn, while the selling and marketing expenses inched up by 15.97% YoY to Rs2.51bn in 1QCY23.
The company also reported an impairment loss on trade debts and contract assets of Rs695.84 million, increasing by 4.15% YoY.
Other income quadrupled to Rs14.67bn in 1QCY23 from the previous year.
However, there was a substantial increase in finance costs, which stood at Rs22.24bn, up by 3.68x YoY, mainly due to higher interest rates.
|
Consolidated Financial Results for Quarter Ended 31 March. 2023 |
|||
|---|---|---|---|
|
|
Mar-23 |
Mar-22 |
%Change |
|
Revenue |
43,186,728 |
35,051,051 |
23.21% |
|
Cost of services |
(34,631,098) |
(27,299,214) |
26.86% |
|
Gross profit |
8,555,630 |
7,751,837 |
10.37% |
|
Administrative and general expenses |
(5,675,649) |
(4,609,941) |
23.12% |
|
Selling and marketing expenses |
(2,505,569) |
(2,160,518) |
15.97% |
|
Impairment loss on trade debts and contract assets |
(695,837) |
(668,106) |
4.15% |
|
|
(8,877,055) |
(7,438,565) |
19.34% |
|
Operating Profit |
(321,425) |
313,272 |
- |
|
Other income |
14,668,819 |
3,565,315 |
311.43% |
|
Finance cost |
(22,235,303) |
(6,038,655) |
268.22% |
|
Loss before tax |
(7,887,909) |
(2,160,068) |
265.17% |
|
Provision for income tax |
2,172,776 |
601,601 |
261.17% |
|
Loss for the period |
(5,715,133) |
(1,558,467) |
266.72% |
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