WTL losses narrow 17% amid 84% revenue surge

MG News | October 29, 2024 at 03:16 PM GMT+05:00

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October 29, 2024 (MLN): WorldCall Telecom Limited (PSX: WTL) reduced its loss by 17.3% in the third quarter of the current year, with a loss after tax of Rs 342.68 million [LPS: Rs 0.07].

This compares to a net loss of Rs 414.42 million [LPS: Rs 0.13] recorded in the same period last year (SPLY).

WTL still remains in loss despite its revenue surging by 84.2% to Rs1.38bn as compared to Rs751.37m in SPLY.

The company's direct costs excluding depreciation & amortization and Operating costs surged during the quarter under view.

Nonetheless, WTL posted a positive profit before interest, tax, and depreciation expenses, contrasting with a loss of Rs 67.12 million in Q3 CY23.

A significant contribution came from other income, which surged by 294.95% in Q3 CY24.

On the expense side, depreciation & amortization rose 12.33% to Rs206.36m.

The company’s finance cost also increased by 5.6% and stood at Rs162.35m as compared to Rs153.76m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs15.86m against the Rs9.83m paid in the corresponding period of last year, depicting an increase of 61.3%.

Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000)
	Sep 24	Sep 23	% Change
Sales	1,384,337	751,374	84.24%
Direct costs excluding depreciatiori & amortization	(1,276,439)	(726,886)	75.60%
Operating costs	(121,243)	(105,598)	14.82%
Other income / (expense) — net	55,238	13,986	294.95%
Profit I (Loss) before Interest, Taxation, Depreciation and Amortization	41,893	(67,124)	-
Depreciation and Amortization	(206,360)	(183,709)	12.33%
Financial (charges) / income	(162,352)	(153,755)	5.59%
Profit/ (loss) before taxation	(326,819)	(404,588)	-19.22%
Final tax / levies	(15,861)	(9,831)	61.34%
Net profit/ (loss) for the period	(342,680)	(414,419)	-17.31%
Basic earnings/ (loss) per share	(0.07)	(0.13)	-

Amount in thousand except for EPS

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