PTC’s losses almost triples to Rs8.52bn In 1HCY23

MG News | July 19, 2023 at 04:29 PM GMT+05:00

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July 19, 2023 (MLN): Pakistan Telecommunication Company Limited (PSX: PTC) experienced a significant rise of 2.79x YoY in its losses, resulting in a substantial loss after tax of Rs8.52bn as compared to a loss of Rs3.057bn in 1HFY22.

Going by the results, the company's top line rose by 26.81% YoY to Rs90.95bn as compared to Rs71.72bn in SPLY.

The cost of services rose by 28.63% YoY but was lesser than proportionate to sales decline, which improved the gross profit by 20.24% YoY to Rs18.7bn in 1HCY23.

Moreover, during the review period, other income increased by 2.07x YoY to stand at Rs20.68bn in 1HCY23 as compared to Rs9.99bn in SPLY.

On the expense side, the company observed an increase in Administrative and general expenses by 22.87% YoY and impairment loss on financial assets by 96.96% YoY to clock in at Rs11.65bn and Rs2.08bn respectively during the review period.

The company’s finance costs inflated by 2.03x YoY and stood at Rs31.47bn as compared to Rs15.48bn in 1HCY22, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs2.16bn against the Rs1.62bn paid in the corresponding period of last year, depicting a rise of 32.82% YoY.

Consolidated (un-audited) Financial Results for six months ended 30 June, 2023
	June 23	June 22	% Change
Sales	90,952,348	71,721,231	26.81%
Cost of services	(72,256,643)	(56,172,940)	28.63%
Gross Profit	18,695,705	15,548,291	20.24%
Administrative and general expenses	(11,652,451)	(9,483,616)	22.87%
Selling and marketing expenses	(4,849,120)	(4,193,728)	15.63%
impairment loss on financial assets	(2,084,588)	(1,058,357)	96.96%
Other Income	20,681,465	9,986,529	107.09%
Finance cost	(31,467,527)	(15,480,254)	103.28%
Operating profit	(10,676,516)	(4,681,135)	128.08%
Taxation	2,157,389	1,624,316	32.82%
Net loss for the period	(8,519,127)	(3,056,819)	178.69%

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