PTCL discloses 58% YoY decline in yearly profits

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By 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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