PTCL slips into the red in Q3 2024

MG News | October 15, 2024 at 10:33 AM GMT+05:00

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October 15, 2024 (MLN): The bottom line of Pakistan Telecommunication Company Limited (PSX: PTC) turned red with the loss standing at Rs137.08 million [LPS: Rs0.03] in the third quarter of 2024, compared to the profit of Rs660m [EPS: 0.13] in the same period last year (SPLY).

Going by the results, the company's top line increased by 8.7% YoY to Rs26.83bn as compared to Rs24.68bn in SPLY.

The cost of sales also rose by 5.74% YoY but was lesser than proportionate to sales rise, which improved the gross profit by 18.9% YoY to Rs6.59bn in Q3 2024.

During the period under review, other income increased by 6.97% YoY to stand at Rs3.18bn in as compared to Rs2.97bn in SPLY.

On the expense side, the company's administrative expenses rose 6.41% YoY to Rs2.24bn, and selling and distribution expenses rose 16.38% YoY to Rs1.26bn.

The company’s finance cost jumped significantly by 52.24% YoY and stood at Rs6bn as compared to Rs3.96bn in SPLY, mainly due to higher interest rates.

On the tax front, the provision of income tax reported at Rs129mn compared to the tax paid worth Rs327.72m in the corresponding period of last year.

Consolidated Financial Results for the quarter ended September 30, 2024 ('000 Rupees)
	Sep-24	Sep-23	%Change
Revenue	26,835,239	24,688,906	8.69%
Cost of services	(20,244,261)	(19,145,668)	5.74%
Gross profit	6,590,97	5,543,238	18.90%
Administrative and general expenses	(2,243,116)	(2,107,931)	6.41%
Selling and marketing expenses	(1,260,736)	(1,083,288)	16.38%
Impairment loss on trade debts and contract assets	(530,003)	(395,000)	34.18%
	(4,033,855)	(3,586,219)	12.48%
Operating Profit	2,557,123	1,957,019	30.66%
Other income	3,184,302	2,976,770	6.97%
Finance cost	(6,007,559)	(3,946,050)	52.24%
Profit before tax	(266,134)	987,739	-
Provision for income tax	129,052	(327,721)	-
Profit / Loss for the period	(137,082)	660,018	-
(Loss)/ Earnings per share- basic and diluted (Rupees)	-0.03	0.13	-

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