PTCL discloses 58% YoY decline in yearly profits
MG News | February 11, 2020 at 03:15 PM GMT+05:00
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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