PTCL Q2 2024 profits plunge 53%
MG News | July 19, 2024 at 03:23 PM GMT+05:00
July 19, 2024 (MLN): Pakistan Telecommunication Company Limited (PSX: PTC) experienced a fall of 53.3% YoY in its profitability in the second quarter of 2024, with its profit after tax falling to Rs705.82 million [EPS: Rs0.14].
That compares with a profit of Rs1.51 billion [EPS: Rs0.30] earned in the same period last year (SPLY).
Going by the results, the company's top line expanded by 11.7% YoY to Rs26.78bn as compared to Rs23.97bn in SPLY.
The cost of sales also rose by 6.5% YoY but was lesser than proportionate to sales rise, which improved the gross profit by 30.3% YoY to Rs6.79bn in Q2 2024.
The gross margins improved to 25.35% as compared to 21.74% in SPLY.
During the period under review, other income increased by 28.5% YoY to stand at Rs4.1bn in Q2 2024 as compared to Rs3.19bn in SPLY.
On the expense side, the company's administrative expenses rose 4.0% YoY to Rs2.2bn, and selling and distribution expenses rose 3.5% YoY to Rs1.19bn.
The company’s finance cost jumped significantly by 158.2% YoY and stood at Rs5.7bn as compared to Rs2.21bn in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a lower tax worth Rs421.73m against the Rs976.43m paid in the corresponding period of last year, depicting a fall of 56.8% YoY.
| Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Jun 24 | Jun 23 | % Change | |
| Sales | 26,776,582 | 23,973,121 | 11.69% |
| Cost of sales | (19,987,493) | (18,761,854) | 6.53% |
| Gross Profit/ (loss) | 6,789,089 | 5,211,267 | 30.28% |
| Administrative Expenses | (2,197,443) | (2,112,571) | 4.02% |
| Selling And Distribution Expenses | (1,192,153) | (1,151,852) | 3.50% |
| Other Gains / (Losses) | (666,759) | (442,000) | 50.85% |
| Other Income | 4,098,405 | 3,190,485 | 28.46% |
| Finance Cost | (5,703,593) | (2,209,239) | 158.17% |
| Profit/ (loss) before taxation | 1,127,546 | 2,486,090 | -54.65% |
| Taxation | (421,729) | (976,428) | -56.81% |
| Net profit/ (loss) for the period | 705,817 | 1,509,662 | -53.25% |
| Basic earnings/ (loss) per share | 0.14 | 0.30 | - |
Amount in thousand except for EPS
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