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
