Pakistan Telecommunication Company Limited (PTCL) reported a significant loss of Rs6.3 billion for the third quarter of 2024, ending on September 30.
This marks a steep rise from the Rs2.8 billion loss reported during the same period last year, despite an increase in both revenue and gross profit.
According to PTCL’s latest financial results, released to the Pakistan Stock Exchange (PSX), the company’s revenue surged by nearly 11 per cent to Rs55.56 billion in Q3 2024, compared to Rs 50.09 billion in the previous year.
However, the cost of revenue rose by over 14 per cent, reaching Rs 42.6 billion, up from Rs 37.4 billion in the same period last year. Consequently, PTCL’s gross profit increased slightly by 1 per cent, amounting to Rs 12.9 billion for the quarter.
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Despite these gains, PTCL’s profit margin fell to 23.2 per cent in Q3 2024, down from 25.4 per cent in the same period last year. The company’s operating expenses surged by 26 per cent, reaching Rs13.1 billion, resulting in an operating loss of Rs240 million.
Additionally, PTCL’s other income fell to Rs2.9 billion from Rs6.3 billion last year, while its financial costs skyrocketed to Rs12.1 billion, further impacting profitability. As a result, the company posted a pre-tax loss of Rs9.4 billion, more than double the Rs4.1 billion loss from Q3 2023.
Founded on December 31, 1995, PTCL remains a key provider of telecommunication services in Pakistan, despite the recent financial challenges.
