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

MG News | October 11, 2018 at 05:14 PM GMT+05:00

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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 30^th 2018, mainly due to improved revenues and reduced provision for income tax.

According to the financial report issued to the PSX on Thursday 11^th 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%

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