Karachi, July 19, 2023 – Pakistan Telecommunication Company Limited (PTCL) announced a staggering 54 percent decline in net profit for the quarter ending June 30, 2023.
Surge in Revenue Offset by Increased Administrative Expenses
According to the financial results submitted to the Pakistan Stock Exchange (PSX), the company’s net profit for the quarter amounted to Rs 1.51 billion, compared to Rs 3.28 billion in the corresponding period of the previous year.
READ MORE: SECP Implements Changes to Regulations for Election of Independent and Female Directors
PTCL’s earning per share (EPS) for the quarter ending June 30, 2023, was reported at 30 paisas, a significant drop from the 64 paisas recorded in the same quarter last year.
The board of directors of the company, which convened in Islamabad on July 19, 2023, approved neither cash dividends nor right shares.
READ MORE: Johnson & Phillips (Pakistan) Ltd. Announces Delisting from PSX
Despite the decline in net profit, the unconsolidated report indicated that PTCL’s gross profit for the quarter rose to Rs 5.21 billion, compared to Rs 4.26 billion in the previous year’s corresponding quarter. The increase in gross profit was attributed to a surge in revenue, which reached Rs 24 billion during the quarter under review, compared to Rs 20.39 billion in the same quarter of the previous year.
READ MORE: Meezan Bank Receives Reaffirmed AAA/A-1+ Entity Ratings
However, during the quarter, the company experienced an increase in administrative and general expenses, reaching Rs 2.11 billion, compared to Rs 1.99 billion in the same quarter of the previous year.
The significant decline in net profit may prompt PTCL to take measures to manage its expenses effectively and optimize its revenue streams in the upcoming quarters to improve its financial performance.
