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PTCL cuts losses to Rs4.8bn in 3QFY24

PTCL cuts losses to Rs4.8bn in 3QFY24
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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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Posted on: 2024-04-18T12:03:07+05:00