Thursday, October 1, 2009

9.151 billion net profit earned by PTCL

Pin It Staff Report KARACHI: Pakistan Telecommunication Company Limited (PTCL) earned Rs 9.151 billion net profit for the year

ended June 30, 2009 against Rs 2.824 billion in the last year.

The financial results of the company announced at Karachi Stock Exchange on Tuesday showed that earnings per share also jumped to Rs 1.79 in the year under review against Rs 0.55 in the last year.

Although company posted phenomenal profit compared to previous year, it was majorly due to diluted impact of Voluntary Separation Scheme (VSS) compared to previous year when it was at a cost of Rs 23.937 billion to the company. In the year under review, the amount on account of VSS amounted to just Rs 92 million.

If the impact of VSS is excluded from the previous year earnings, the net profit would show negative growth this year compared to last one because of fall in the total revenue which dropped to Rs 59.239 billion over Rs 66.336 billion recorded in the last year. The loss in revenue was caused by slowdown in retail segment of fixed line.

The cost of services remained almost flat whereas the financing cost increased during the year.

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