PTCL posts 10% improvement in semi-annual earnings

MG News | July 17, 2019 at 04:17 PM GMT+05:00

0:00

July 17, 2019 (MLN): Pakistan Telecommunication Company Limited, more commonly known as PTCL, has announced its semi-annual net profit for the period January 2019 – June 2019, at Rs.2.34 billion thus marking a leap of over 9.5% compared to earnings in the same period last year.

Laid aside earnings for Jan – June 2018, the company has enhanced its earnings by Rs.204.6 million on the back of improved Revenue (Rs.66.3 billion) which grew by 8.55% and higher non-core income (Rs.3.3 billion) which expanded by about 70%.

The company’s profit before tax was recorded at Rs.3.5 billion which is around 40% higher than that recorded last year (Rs.2.5 billion).

However, since income tax expenses (Rs.1.17 billion) shot up ridiculously by 4 times (previously recorded at Rs.378.5 million), the net profits grew at a much slower pace.

Consolidated Financial Results for the half year ended June 30th 2019 ('000 Rupees)
	Jun-19	Jun-18	%Change
Revenue	66,308,181	61,084,428	8.55%
Cost of sales	(47,912,636)	(44,367,502)	7.99%
Gross profit	18,395,545	16,716,926	10.04%
Administrative and general expenses	(9,864,077)	(8,969,881)	9.97%
Selling and marketing expenses	(3,236,258)	(3,324,707)	-2.66%
	(13,100,335)	(12,294,588)	6.55%
Operating Profit	5,295,210	4,422,338	19.74%
Other income	3,258,161	1,917,365	69.93%
Finance cost	(5,039,536)	(3,823,134)	31.82%
Profit before tax	3,513,835	2,516,569	39.63%
Provision for income tax	(1,171,152)	(378,479)	209.44%
Profit for the period	2,342,683	2,138,090	9.57%

*As per PTCL's unconsolidated financial records, the Earnings per share was stated at Rs.0.74 per share.

Apart from this, the company has informed via a notification to the Pakistan Stock Exchange (PSX) that its Chairman Mr. Maroof Afzal has stepped down from his position and has been replaced by Mr. Shoaib Ahmad Siddiqui with effect from today, July 17, 2019.

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