Worldcall incurs Rs303m loss in three months

MG News | August 27, 2024 at 09:21 AM GMT+05:00

0:00

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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