PTCL's profit drops by 7.11% YoY to Rs7.64bn in 9MCY23

October 17, 2023 (MLN): Pakistan Telecommunication Company Limited (PSX: PTC) has revealed its financial statement for 9MCY23, as per which the company's profit declined by 7.11% YoY to Rs7.64bn[EPS: 1.50], compared to the Rs8.23bn [EPS: 1.61] profit reported in SPLY.

Going by the results, the company's top line increased by 17.15% YoY to Rs71.61bn as compared to Rs61.13bn in SPLY.

The cost of sales also went up by 17.16% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 17.1% YoY to Rs15.28bn in 9MCY23.

On the expense side, the company observed a rise in Selling and marketing expenses by 21.53% YoY and Administrative and general expenses by 10.28% YoY to clock in at Rs3.41bn and Rs6.4bn respectively during the review period.

Similarly, the company's impairment loss on trade debts and contract assets also increased by 6.53% YoY to Rs1.3bn in 9MCY23.

Going forward, PTCL's other income during the review period, soared by 48.30% YoY to stand at Rs14.58bn in 9MCY23 as compared to Rs9.83bn in SPLY.

The company’s finance costs increased by 8.6x YoY and stood at Rs6.59bn as compared to Rs766.66m in 9MCY22, mainly due to higher interest rates.

On the tax front, the company paid a lower tax worth Rs4.51bn against the Rs4.05bn paid in the corresponding period of last year, depicting an increase of 11.33% YoY.

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