PTCL posts massive decline in profits in 2HFY20
MG News | July 15, 2020 at 12:51 PM GMT+05:00
July 15, 2020 (MLN): Pakistan Telecommunication Company Limited (PTC) has unveiled its financial results for the six months ended June 30, 2020. As per results, the company has posted net profits of Rs 33 million, depicting the colossal decrease of 98% YoY when compared to net profits of Rs 2.30 billion in the same period last year.
As per the financial statement issued by the company to PSX, PTC’s sales revenue was down nearly by 5% YoY which caused gross profit to decrease by around 14% YoY to Rs 15.60 billion. However, the cost of sales of the company dropped by 1.65% YoY.
Moreover, an increase in administrative and general expenses and impairment loss on trade debts and contract assets by 2.37% YoY and 59.72% YoY respectively also contributed to weakening the financial stability of the company.
On the other hand, the other income rose by 12.67% YoY to Rs 3.67 billion. Meanwhile, finance cost of the company increased by 5.38% YoY to Rs 5.31 billion.
More notably, tax expenses of the company dropped significantly by around 92% YoY, providing the cushion to its earnings.
| Consolidated Financial Results for the Six Months ended June 30, 2020 ('000 Rupees) | |||
|---|---|---|---|
|
| Jun-20 | Jun-19 | %Change |
| Revenue | 62,904,468 | 66,308,181 | -5.13% |
| Cost of services | (47,294,543) | (48,088,289) | -1.65% |
| Gross profit | 15,609,925 | 18,219,892 | -14.32% |
| Administrative and general expenses | (8,446,694) | (8,251,368) | 2.37% |
| Selling and marketing expenses | (3,399,154) | (3,423,069) | -0.70% |
| Impairment loss on trade debts and contract assets | (1,995,059) | (1,249,068) | 59.72% |
|
| (13,840,907) | (12,923,505) | 7.10% |
| Operating Profit | 1,769,018 | 5,296,387 | -66.60% |
| Other income | 3,671,082 | 3,258,161 | 12.67% |
| Finance cost | (5,311,856) | (5,040,713) | 5.38% |
| Profit before tax | 128,244 | 3,513,835 | -96.35% |
| Provision for income tax | (94,919) | (1,171,152) | -91.90% |
| Profit for the period | 33,325 | 2,342,683 | -98.58% |
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