PTCL Q2 2024 profits plunge 53%

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

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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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