AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,944 Increased By 65.8 (0.96%)
BR30 22,827 Increased By 258.6 (1.15%)
KSE100 67,142 Increased By 594.3 (0.89%)
KSE30 22,090 Increased By 175.1 (0.8%)

Pakistan Telecommunication Company Limited (PTCL) Group's revenue for the 1st half of 2019 has grown year on year (YoY) by 9 percent to Rs 66.3 billion compared to Rs 60.7 billion. However, PTCL revenue of Rs 35.8 billion for the half-year is lower than last year's revenue of Rs 36 billion by 0.8 percent.
Group operating profit declined by 12 percent due to increase in power tariff, disallowed input tax, higher network maintenance cost due to Pak rupee depreciation and branch expansion in Ubank. The financial results for the six months period ended on June 30, 2019 were announced at a press conference after the Board of Directors' meeting held here on Wednesday.
Addressing a press conference, Rashid Khan, president & chief executive officer (CEO) of PTCL Group said that as a result of positive contribution by all group companies, growth in revenue was made possible.
Nadeem Khan CFO PTCL said that PTCL Group's revenue for the half-year has grown year-on-year (YoY) by 9 percent to Rs 66.3 billion as a result of an accelerated growth in the Ufone and Ubank revenues. Ufone revenue has increased double digits YoY, Ubank, a microfinance banking subsidiary of the PTCL, has shown significant growth of 50 percent in its revenue over last year. PTCL Group's operating profit and net profit for the half-year have improved by 20 percent and 10 percent respectively as a result of the revenue growth.
Net profit of the Group declined y-o-y 69 percent due to higher non-operating cost in Ufone as a result of increase in KIBOR rates by 76 percent.
The PTCL revenue of Rs 35.8 billion for the half-year is marginally lower than last year by 0.8 percent. PTCL's flagship Fixed Broadband services posted revenue growth of 5 percent. PTCL continues its journey to upgrade top 100 exchanges under Network Transformation Project (NTP) in different parts of Pakistan. For the 76 exchanges fully transformed to date in 12 cities, YoY revenue growth is even higher at 13% and there is a 30 percent reduction in customer complaints, Khan added. He further said that Rs 25 billion was the estimated invest for up gradation of 100 exchanges of which around 75 percent has been utilized, he added.
The corporate & wholesale business continued its growth momentum from a strong 2018 and has achieved double digits revenue growth. PTCL has entered into a strategic partnership with Zong for network expansion, through provision of PTCL's VSAT services in remote and far-flung areas of Pakistan.
Wireless revenue for the period has declined on YoY basis due to strong competition by the cellular companies providing wireless data services. There is continued decline in domestic and international voice revenues due to continued conversion of subscribers to OTT, cellular services and illegal/grey traffic termination resulting in declining voice traffic volumes.
The PTCL has posted a Net Profit after Tax, which is 3% higher than last year. Operating profit for the period remained under pressure compared to last year mainly due to increase in operating cost on account of significant hike in power tariffs and currency devaluation. However, non-operating income has increased due to higher income on investments as a result of increase in interest rates.
The PTCL launched a special program 'Experia' to enable selected students of renowned universities with experiential learning and hence contribute towards the development of future leadership. After the success of PTCL's Future Emerging Leaders programme, its third batch has been successfully launched, while the graduation ceremony of the second batch was held to celebrate their success.
PTCL Razakaars organised a series of community Iftaars across 21 locations in Pakistan. The PTCL was also a proud recipient of the 'Diversity and Inclusion - Progressive Award' for benefits, work-life balance and flexibility in line with the global diversity and inclusion benchmarks.

Copyright Business Recorder, 2019

Comments

Comments are closed.