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
