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
