PTCL cuts losses to Rs4.8bn in 3QFY24

MG News | April 18, 2024 at 12:03 PM GMT+05:00

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April 18, 2024 (MLN): Pakistan Telecommunication Company Limited's (PSX: PTC) consolidated losses fell to Rs4.79 billion in the third quarter of FY24, compared to a loss of Rs5.72bn in the same period last year (SPLY).

Going by the results, the company's top line increased by 13.9% YoY to Rs49.2bn as compared to Rs43.19bn in SPLY.

However, the cost of sales also rose by 20.0% YoY, which worsened the gross profit by 8.6% YoY to Rs8.36bn in 3QFY24.

The gross margins worsened to 16.99% as compared to 21.17% in SPLY.

During the period under review, other income shrank by 52.7% YoY to stand at Rs6.94bn in 3QFY24 as compared to Rs14.67bn in SPLY.

On the expense side, the company observed an increase in administrative and general expenses by 21.6% YoY and selling and marketing expenses by 8.3% YoY to clock in at Rs6.78bn and Rs2.62bn respectively during the review period.

The company’s finance cost went down significantly by 41.1% YoY and stood at Rs13.54bn as compared to Rs23bn in 3QFY23.

On the tax front, the company earned a higher tax credit worth Rs2.49bn against the Rs2.17bn paid in the corresponding period of last year, depicting a rise of 14.4% YoY.

Consolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000)
	Mar 24	Mar 23	% Change
Sales - Net	49,203,165	43,186,728	13.93%
Cost of sales	(40,845,706)	(34,045,187)	19.97%
Gross Profit / (Loss)	8,357,459	9,141,541	-8.58%
Administrative and general expenses	(6,778,760)	(5,575,822)	21.57%
Selling and marketing expenses	(2,623,398)	(2,423,403)	8.25%
Impairment loss on trade debts and contract assets	370,402	(695,837)	-
Other Income	6,942,296	14,668,819	-52.67%
Finance Cost	(13,542,819)	(23,003,207)	-41.13%
Profit/ (Loss) before taxation	(7,274,820)	(7,887,909)	-7.77%
Taxation Credit	2,485,113	2,172,776	14.38%
Net profit / (loss) for the period	(4,789,707)	(5,715,133)	-16.19%
Basic earnings/ (loss) per share	0.00	0.00	-

Amount in thousand except for EPS

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