PTCL’s loss swells to Rs14.15bn in 2023

MG News | February 13, 2024 at 03:09 PM GMT+05:00

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February 13, 2024 (MLN): Pakistan Telecommunication Company Limited (PSX: PTC) saw its loss after tax widen to Rs14.15 billion in 2023, compared to a loss of Rs10.49bn in the previous year.

Going by the results, the company's top line rose by 25.75% YoY to Rs190.61bn as compared to Rs151.58bn in 2022.

The cost of sales also rose by 26.50% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 22.88% YoY to Rs38.64bn in 1HFY24.

The gross margins inched down to 20.27% as compared to 20.74% in the previous year.

During 2023, other income surged by 96.70% YoY to stand at Rs30.61bn as compared to Rs15.56bn in 2022.

On the expense side, the company observed a rise in administrative and general expenses by 26.27% YoY and Finance costs & other expenses by 73.98% YoY to clock in at Rs25.84bn and Rs51.72bn respectively during the review period.

On the tax front, the company paid a higher tax worth Rs6.47bn against the Rs6.13bn paid in the corresponding period of last year, depicting an increase of 5.56% YoY.

Consolidated (un-audited) Financial Results for the year ended 31 December, 2023 (Rupees in '000)
	Dec 23	Dec 22	% Change
Sales	190,610,316	151,576,979	25.75%
Cost of sales	(151,973,753)	(120,133,499)	26.50%
Gross Profit	38,636,563	31,443,480	22.88%
Administrative and general expenses	(25,842,452)	(20,466,175)	26.27%
Selling and marketing expenses	(10,718,486)	(8,536,663)	25.56%
Impairment loss on trade debts and contract assets	(1,587,428)	(4,895,492)	-67.57%
Other Income	30,614,240	15,563,655	96.70%
Finance costs & other expenses	(51,720,684)	(29,727,802)	73.98%
Profit before taxation	(20,618,247)	(16,618,997)	24.06%
Taxation	6,471,503	6,130,823	5.56%
Net profit for the period	(14,146,744)	(10,488,174)	34.88%

Amount in thousand except for EPS

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