PTCL cuts losses by 13.96% in 2024

MG News | February 12, 2025 at 09:53 AM GMT+05:00

0:00

February 12, 2025 (MLN): Pakistan Telecommunication Company Limited (PSX: PTC) reported a 13.96% reduction in consolidated losses for the year ending December 31, 2024, with losses narrowing to Rs14.39 billion compared to Rs16.72bn in 2023.

The company’s revenue surged by 16.49% to Rs219.78bn, reflecting strong top-line growth.

However, cost of services also rose by 11.27% to Rs162.38bn, leading to an improvement in gross profit, which climbed 34.31% to Rs57.39bn.

Operating expenses saw a notable increase, with administrative and general expenses rising by 22.61% and selling and marketing expenses up by 8.46%.

Additionally, impairment loss on trade debts and contracts skyrocketed by 267.21%, reaching Rs5.12bn.

Despite these higher costs, operating profit jumped by 169.14% to Rs6.12bn, supported by improved efficiency and revenue growth.

However, other income declined by 15.73% to Rs25.62bn, while finance costs and other expenses decreased by 5.23% to Rs52.63bn.

The company's loss before tax improved by 8.60%, standing at Rs20.89bn, while income tax rose slightly by 6.02% to Rs6.50bn.

Consequently, loss per share also improved, reducing to Rs2.82 from Rs3.28 in the previous year.

Despite the ongoing financial challenges, PTCL’s strong revenue growth and improved operating performance signal resilience, though rising expenses and declining other income remain key concerns.

CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENEDED DECEMBER, 31, 3024
	Dec-24	Dec-23	% Change
Revenue	219,781,968	188,666,827	16.49%
Cost of services	(162,382,454)	(145,931,615)	11.27%
Gross profit	57,399,514	42,735,212	34.31%
Administrative and general expenses	(32,859,412)	(26,800,788)	22.61%
Selling and marketing expenses	(13,305,289)	(12,267,834)	8.46%
Impairment loss on trade debts and contracts	(5,117,163)	(1,393,543)	267.21%
Total operating expenses	(51,281,864)	(40,462,165)	26.74%
Operating profit	6,117,650	2,273,047	169.14%
Other income	25,618,798	30,401,316	-15.73%
Finance costs and other expenses	(52,633,552)	(55,536,951)	-5.23%
Loss before tax	(20,897,104)	(22,862,588)	-8.60%
Income tax	6,502,944	6,133,422	6.02%
Loss for the year	(14,394,160)	(16,729,166)	-13.96%
Loss per share - basic and diluted (Rupees)	(2.82)	(3.28)	-14.02%

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