PTCL cuts losses to Rs4.8bn in 3QFY24

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

0:00

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

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	157,132.10 429.92M	3.39% 5159.10
ALLSHR	93,566.86 763.32M	2.62% 2388.00
KSE30	48,302.97 218.66M	4.27% 1976.50
KMI30	220,798.52 207.58M	4.07% 8628.34
KMIALLSHR	59,988.53 433.51M	2.75% 1606.15
BKTi	46,193.08 61.76M	4.26% 1887.06
OGTi	30,193.10 21.94M	3.73% 1086.31

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	66,665.00	69,740.00 66,530.00	-2815.00 -4.05%
BRENT CRUDE	82.38	82.52 78.38	4.64 5.97%
RICHARDS BAY COAL MONTHLY	99.40	0.00 0.00	-7.85 -7.32%
ROTTERDAM COAL MONTHLY	134.00	134.00 129.00	15.20 12.79%
USD RBD PALM OLEIN	1,083.50	1,083.50 1,083.50	0.00 0.00%
CRUDE OIL - WTI	75.55	75.69 70.41	4.32 6.06%
SUGAR #11 WORLD	14.04	14.04 13.94	0.13 0.93%