Reduction in tax provisions increase quarterly profits of PTC by 21.6%

October 11, 2018 (MLN): The consolidated profits for Pakistan Telecommunication Company have increased by a significant margin of almost 21.64% for the quarter ended on September 30th 2018, mainly due to improved revenues and reduced provision for income tax.

According to the financial report issued to the PSX on Thursday 11th October, PTC made 10.8% higher revenues during the year, leaping up from around Rs.29 billion to Rs.32 billion, a change of Rs.3 billion.

Even though an increase in Administrative and general expenses by Rs.496 million (11.48%), Selling and marketing expenses by around Rs.237 million (15.56%) and a decrease in other operating income of almost Rs.752 million (41.91%) collectively brought down the Profit before tax by 2.51%, the reduction in provision for income tax from Rs. 763 million to Rs. 385 million in the quarter ending September 2018 managed to pull the Profit after tax up by 21.64%

Profit and Loss Account for the quarter ended September 30th 2018 (Rupees in '000)

 

Sep-18

Sep-17

% Change

Revenue

32,545,434

29,374,314

10.80%

Cost of services

-23,368,540

-22,090,046

5.79%

Gross Profit

9,176,894

7,284,268

25.98%

Administrative and general expenses

-4,823,438

-4,326,809

11.48%

Selling and marketing expenses

-1,762,102

-1,524,873

15.56%

Operating profit

2,591,354

1,432,586

80.89%

Other income

1,043,569

1,796,511

-41.91%

Finance costs

-1,441,352

-979,038

47.22%

Profit before tax

2,193,571

2,250,059

-2.51%

Provision for income tax

-385,488

-763,626

-49.52%

Profit for the period

1,808,083

1,486,433

21.64%

 

Copyright Mettis Link News

Posted on: 2018-10-11T16:06:00+05:00

23613