Pakistan Telecommunication Company Limited (PTCL), the country's leading telecom and ICT services provider, has announced its financial results for the quarter ended March 31, 2020 at its Board of Directors meeting held in Islamabad on April 9, 2020.
COVID-19 pandemic has created global shockwaves and its effects have changed the landscape of every perceptible area of ordinary life. PTCL stands with the nation in this tough time and continues to provide seamless connectivity across Pakistan. Our frontline teams, equipped with all protective gears, are at the forefront to serve our customers nationwide.
The company has enabled more than 1,200 contact center agents with "work from home" facilities to ensure that due social distancing is maintained, while serving the connectivity needs of our customers. To ensure continuity of essential services for our valued customers, certain customer service centers have also been kept open. Our sales and customer care teams are constantly in touch with our corporate customers to cater, not only, to their existing requirements, but to also address any new customer needs emanating from COVID-19 pandemic.
PTCL Group's revenue of Rs 31.8 billion in Q1 2020 is lower by 5% as compared to the same period of last year. When normalized for the impact of certain regulatory changes, the revenue is 3% higher than Q1 2019 on a like-for-like basis. UBank, a microfinance banking subsidiary of PTCL, continued its growth momentum and has achieved a 44% growth in its quarterly revenue over last year.
The Group's operating profit and bottom line have deteriorated over last year due to rupee devaluation, increase in interest rates, higher power tariffs and the effects of COVID-19 pandemic.
PTCL revenue of Rs 17.7 billion for the quarter is 1% lower than last year but on a like-for-like basis the revenue is stable and at par with Q1 2019. In line with its ambition to be a customer centric organization, PTCL is focusing on uplifting customer experience by various initiatives. This, coupled with PTCL's improved and upgraded network infrastructure, will enable the Company to be a service provider of choice for its customers.
Corporate and Wholesale businesses continued their growth momentum and have achieved an 8% overall revenue growth YoY. This has been possible through PTCL's leading market position in IP bandwidth and its strong presence in Managed Services, Cloud and other ICT services segment. Similarly, international revenue has also shown 5% growth as compared to same period last year.
Wireless revenue for the quarter has shown a 3% YoY revenue growth as a result of a renewed business focus on this segment. In addition to increased spend on wireless customer acquisition, PTCL focused on rationalization of its wireless data products to make them competitive with the products offered by the cellular operators. Despite growth in the above segments, shrinkage in other segments has meant a like-for-like stable revenue in Q1 2020.
PTCL's Operating and Net Profit after Tax for the quarter have declined as compared to last year due to increase in operating costs. However, increase in non-operating income on account of disposal of obsolete assets and higher income on investments due to higher interest rates, has helped lessen the gap at the bottom-line level with comparative period.
Being a national company, PTCL also proactively supported Coronavirus affected families in Sukkur through a special package comprising of ration, medicines and protective gears. The Company is playing its part by being socially responsible during the on-going global crisis.-PR