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

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

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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