Worldcall's loss narrows by 18.6% to Rs446m in Q12024

MG News | April 30, 2024 at 11:07 AM GMT+05:00

0:00

April 30, 2024 (MLN): WorldCall Telecom Limited (PSX: WTL) narrowed its losses during the quarter ended March 31, 2024, to Rs446.06 million [LPS: Rs-0.09], compared to a loss of Rs547.77m [LPS: Rs-0.14] in the same quarter last year.

The profit and loss statement shows that the company's top line expanded by 66.8% YoY to Rs1.03bn as compared to Rs614.78m in SPLY.

However, the cost of sales rose by a greater proportion which worsened the gross profit by 46.4% YoY to Rs37.03m in Q12024.

Accordingly, the gross margins of WTL worsened to 3.61% as compared to 11.24% in Q12023.

The operational expenses of the company clocked in at Rs119.37m, up by 3.53% YoY from the costs recorded in the same quarter last year.

Conversely, depreciation and amortization charges reduced 18.81% YoY to Rs217.82m during Q12024.

WTL's other income section recorded a remarkable turnaround, with an inflow of Rs42.9m compared to the Rs83.65m outflow faced in Q12023.

The company’s finance cost went up by 26.1% YoY and stood at Rs176.07m as compared to Rs139.63m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs12.73m against the Rs9.99m paid in the corresponding period of last year, depicting a rise of 27.4% YoY.

Consolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000)
	Mar 24	Mar 23	% Change
Sales	1,025,321	614,783	66.78%
Cost of sales	(988,289)	(545,700)	81.10%
Gross Profit/ (loss)	37,032	69,083	-46.39%
Operating costs	(119,367)	(115,302)	3.53%
Depreciation and amortization	(217,821)	(268,282)	-18.81%
Other Income	42,903	(83,645)	-
Finance Cost	(176,072)	(139,629)	26.10%
Profit/ (loss) before taxation	(433,325)	(537,775)	-19.42%
Taxation	(12,731)	(9,992)	27.41%
Net profit/ (loss) for the period	(446,056)	(547,767)	-18.57%
Basic earnings/ (loss) per share	(0.09)	(0.14)	-

Amount in thousand except for EPS

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