PTCL Q2 2024 profits plunge 53%

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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