PTCL Q2 2024 profits plunge 53%

MG News | July 19, 2024 at 03:23 PM GMT+05:00

0:00

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

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	159,578.19 333.05M	-1.06% -1703.58
ALLSHR	96,931.71 859.27M	-1.06% -1038.66
KSE30	48,368.92 143.32M	-1.28% -626.04
KMI30	228,555.67 91.55M	-1.25% -2892.46
KMIALLSHR	63,191.08 415.18M	-1.09% -697.97
BKTi	44,527.46 36.31M	-1.13% -510.27
OGTi	30,789.14 8.49M	-0.76% -236.44

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	103,515.00	104,500.00 103,090.00	-725.00 -0.70%
BRENT CRUDE	63.58	63.63 63.48	0.06 0.09%
RICHARDS BAY COAL MONTHLY	87.15	87.50 87.00	0.35 0.40%
ROTTERDAM COAL MONTHLY	97.00	97.50 97.00	-0.75 -0.77%
USD RBD PALM OLEIN	1,082.50	1,082.50 1,082.50	0.00 0.00%
CRUDE OIL - WTI	59.65	59.74 59.55	0.05 0.08%
SUGAR #11 WORLD	14.12	14.32 14.05	-0.10 -0.70%