PTCL discloses 58% YoY decline in yearly profits

MG News | February 11, 2020 at 03:15 PM GMT+05:00

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February 11, 2020 (MLN): Pakistan Telecommunication Limited (PTCL)’s net profits for the year ended December 31, 2019, has reduced by more than half i.e. by 58% YoY to Rs 2.3 billion from Rs 5.7 billion reported in 2018.

During the year, Operating profit of a company remained under pressure mainly due to an increase in operating cost on account of a significant hike in power tariffs.

However, non-operating income has increased due to higher income on investments as a result of an increase in interest rates, translation gain on forex denominated assets.

With regards to revenues, the company witnessed a paltry growth of 2% YoY primarily attributable to strong competition from cellular companies.

Alongside financial results, the board of directors of the company announced a final cash dividend of Rs 0.50 per share i.e. 5% for the year 2019. This is in addition to the Interim Dividend already paid at Rs 0.50 per share (5%).

Consolidated Financial Results for the year ended December 31, 2019, ended ('000 Rupees)
	Dec-19	Dec-18	%Change
Revenue	129,542,521	126,862,364	2.11%
Cost of services	(95,661,182)	(92,914,836)	2.96%
Gross profit	33,881,339	33,947,528	-0.19%
Administrative and general expenses	(17,027,411)	(15,412,101)	10.48%
Selling and marketing expenses	(6,946,681)	(6,819,420)	1.87%
Impairment loss on trade debts and contract assets	(3,225,473)	(2,256,420)	42.95%
	(27,199,565)	(24,487,941)
Operating Profit	6,681,774	9,459,587	-29.37%
Other income	6,156,874	5,721,522	7.61%
Finance cost	(9,202,708)	(8,231,624)	11.80%
Profit before tax	3,635,940	6,949,485	-47.68%
Provision for income tax	(1,258,840)	(1,239,481)	1.56%
Profit for the period	2,377,100	5,710,004	-58.37%

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