Worldcall incurs Rs303m loss in three months
MG News | August 27, 2024 at 09:21 AM GMT+05:00
August 27, 2024 (MLN): WorldCall Telecom Limited (PSX: WTL) saw its loss shrink by more than 50% in the second quarter of 2024, with the after-tax loss decreasing to Rs303.21 million [LPS: Rs0.06] from Rs614.7 million [LPS: Rs0.31] in Q2 CY23.
According to the results, the company's top line increased by 77.9% to Rs1.26bn, compared to Rs710.37m in SPLY.
WTL's direct costs excluding depreciation & amortization also increased by 66.1%, but the net balance stood higher compared to Q2 CY23 due to even greater sales growth.
On the expense side, the company's operating costs fell 15.1% YoY to Rs106.53m, while depreciation and amortization expenses also declined by 24.2% YoY to Rs197.51m.
A significant increase in sales, combined with a reduction in expenses, reduced WTL's losses; however, this improvement was not enough to turn the company profitable.
The company’s finance cost increased by 10.5% and stood at Rs175.15m as compared to Rs158.49m in SPLY, mainly due to higher interest rates.
On the tax front, the company received a tax credit worth Rs14m against the Rs1.86m received in the corresponding period of last year, depicting a rise of 651.8%.
| Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Jun 24 | Jun 23 | % Change | |
| Sales | 1,263,658 | 710,365 | 77.89% |
| Direct costs excluding depreciation & amortization | (1,144,484) | (689,002) | 66.11% |
| Operating costs | (106,531) | (125,543) | -15.14% |
| Depreciation and amortization | (197,510) | (260,442) | -24.16% |
| Other income / (expenses) - Net | 70,803 | (89,719) | - |
| Finance Cost | (175,147) | (158,492) | 10.51% |
| Profit/ (loss) before taxation | (289,211) | (612,833) | -52.81% |
| Taxation | (13,999) | (1,862) | 651.83% |
| Net profit/ (loss) for the period | (303,210) | (614,695) | -50.67% |
| Basic earnings/ (loss) per share | (0.06) | (0.31) | - |
Amount in thousand except for EPS
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