Karachi, October 17, 2023 – Pakistan Telecommunication Company Limited (PTCL) announced a substantial 78% decline in profit after tax for the third quarter of the calendar year 2023.
According to unconsolidated financial results submitted to the Pakistan Stock Exchange (PSX), the telecommunication company reported a profit after tax of Rs 660 million for the third quarter (July – September) of 2023. This is a significant drop from the Rs 3.037 billion reported during the same quarter in the previous year.
As a result of this decline, the earnings per share (EPS) for the period under review dropped to Rs 0.13, compared to an EPS of Rs 0.60 for the same period in 2022.
The board of directors of the company convened on October 17, 2023, in Dubai, UAE, and recommended no cash dividend or bonus shares.
Despite the decline in profit, the unconsolidated financial results also revealed that the revenue of the company increased to Rs 24.69 billion for the third quarter, compared to Rs 21.13 billion in the same period.
The gross profit of the company reached Rs 4.95 billion for the third quarter, compared to Rs 4.58 billion.
A significant increase was seen in the finance costs, which rose to Rs 2.97 billion during the July to September 2023 period, compared to Rs 588 million in the corresponding period of the previous year.
For the nine-month period (January – September) in 2023, the unconsolidated financial results showed that the company posted a profit of Rs 7.64 billion, down from Rs 8.23 billion in the corresponding months of the previous year. These results indicate a challenging period for PTCL, and the company may need to address the factors contributing to this decline in profitability.
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