PTCL declares 39% growth in half year net profit

PTCL declares 39% growth in half year net profit

KARACHI: Pakistan Telecommunication Company Limited (PTCL) on Monday declared 39 per cent growth in its net profit for the half year ended June 30, 2022.

According to half yearly financial results submitted to Pakistan Stock Exchange (PSX), the after tax profit of the country grew to Rs5.2 billion during the period January 01, 2022 to June 30, 2022 as compared with Rs3.74 billion in the same period of the last year.

READ MORE: PTCL registers eight-year high revenue growth

The announcement of financial results was made at the board of directors meeting held on July 18, 2022 at PTCL headquarters in Islamabad.

The board has not approved cash dividend, bonus shares, right shares or another entitlement.

The revenue of the company during the half year under review increased to around Rs40 billion as compared with Rs38.19 billion in the same half of the last year.

The cost of service also increased to Rs31.52 billion as compared with Rs29.50 billion.

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Therefore, the gross profit of the company eased to Rs8.46 billion for the half year ended June 30, 2022 as compared with Rs8.69 billion in the same half last year.

Administrative expenses of the company increased to Rs3.89 billion for the period as compared with Rs3.53 billion.

Operating profit of PTCL fell to Rs1.89 billion during the half year under review as compared with Rs2.80 billion in the same half of the last year.

However, under the head of other income, PTCL recorded massive growth to Rs6.03 billion during the period January 01, 2022 to June 30, 2022 when compared with Rs2.6 billion in the same period of the last year.

READ MORE: PTCL registers 7.3% revenue growth for nine months

This translated the profit before tax to Rs7.74 billion for the half year January – June 2022 as compared with Rs5.26 billion in the same period of the last year.

The company made provision of Rs2.55 billion income tax for the half year as compared with Rs1.52 billion in the same half of the last year.

The consolidated results of PTCL revealed a net loss of Rs3.05 billion for the half year ended June 30, 2022 as compared with the profit of Rs2.93 billion in the same period of the last year.

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