ISLAMABAD: The Pakistan Telecommunication Company Limited (PTCL) Group’s revenue for the first nine months (January-September) of 2020 has declined year-on-year (YoY) by 2.04 percent to Rs96 billion compared to Rs98 billion during the same period of 2019.
The financial results for the nine months period ended September 30, 2020, were released after the Board of Directors’ meeting, held here on Wednesday.
According to the financial results, the PTCL standalone revenue for the nine months period is 0.7 percent lower than last year, and remained Rs53.37 billion compared to Rs53.77 billion during the same period of 2019.
When normalised for the impact of the Covid-19, the like-for-like revenue is 1.2 percent higher than the same period of last year.
The PTCL’s operating profit stood at Rs2.5 billion during the nine months of 2020, compared to Rs4.45 billion during the same period of last year.
The PTCL Group reported revenue of Rs96 billion for the nine months ended September 2020; when normalised for the impact of the Covid-19 and certain regulatory changes affecting Ufone, Group revenue is 4.2 percent higher than 2019 on a like-for-like basis.
UBank continued its growth momentum and has achieved a double digit growth in its revenue over last year.
As the post-Covid situation got better, and the markets opened up after the lockdowns, the PTCL Group’s performance has shown signs of improvement.
Group’s Q3, 2020, revenue is higher by 3.4 percent over the same quarter of last year.
The topline growth coupled with cost control initiatives translated into 167 percent and 356 percent improvement in the Group’s operating profit and net profit for the quarter, respectively, the official statement added.
During the 3rd Quarter, the PTCL wireline segment showed positive trends.
The PTCL has recorded the highest ever sale in broadband for any quarter since Q4 2014.
The Fiber-to-the-Home (FTTH) continues to grow with consistent growth in subscriber base during the period with a promising outlook.
The positive momentum in wireless (CharJi) segment continued with subscriber base increasing by 21 percent on YoY basis.
Retail business recorded six percent growth in revenue between Q3 2020 vs Q2 2020.
Corporate and wholesale businesses continued their growth momentum and have achieved a six percent overall revenue growth YoY.
International revenue has also shown six percent growth as compared to the same period last year.
The PTCL, in collaboration with the SCO has successfully established strategic partnership to monetise CPEC cross-border connectivity.
The PTCL has been successful to maintain its dominant position in the market with reference to IP bandwidth and managed capacity services.
The PTCL Customer Care continued its efforts to enhance customer experience through various initiatives taken during this period.
Moreover, the PTCL undertook a comprehensive coronavirus relief and support effort, through its various CSR initiatives, standing with the nation in these tough times.
Also, the PTCL is geared up to increase high-speed internet penetration in the country to support Prime Minister’s vision for Digital Pakistan.
Based on the financial strength and improved performance, VIS Credit Rating Company Limited (VIS) has reaffirmed entity ratings of the PTCL at ‘AAA/A-1+’ (Triple A/A-One Plus).
The medium- to long-term rating of ‘AAA’ denotes highest credit quality with negligible risk factors.
Copyright Business Recorder, 2020
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