Pakistan Telecommunication Company Limited (PTCL), Pakistans leading telecom and ICT services provider, declared its financial results for the nine months that ended on September 30, 2022, during its Board of Directors meeting.
PTCL has shown a growth of 45.20 percent in its profits during the period. In a notification sent to the Pakistan Stock Exchange (PSX), the company registered a profit of Rs. 8.22 billion during the first nine months against a profit of Rs. 5.66 billion in the same period last year.
Growth in non-operating income, because of dividend income from a subsidiary, translation gain on the companys forex-denominated assets, and gain on disposal of obsolete assets as a result of the upgrade and fiberization of the network, has facilitated make the 12.4 percent decrease in the operating profit level to a 45.2 percent increase at the net profit level.
Moreover, PTCLs revenue of Rs. 61.1 billion for the reporting period is 6.7% more than Rs. 57.28 billion in 2021, mostly driven by growth in broadband and wholesale & business solutions segments.
Officials said that the company recorded an operating profit of Rs. 3.2 billion, which remained under pressure against the last year due to an increase in operating costs on account of a substantial hike in power and fuel tariffs. PTCL Group continued its growth trajectory during the third quarter because its fixed and wireless streams performed positively.
Additionally, the groups revenue also rose by 8% to Rs. 110.5 billion YoY, mostly driven by outstanding performance in the consumer segment led by mobile data, fixed broadband, wholesale & business solutions, and microfinance services.
By recording 6.7% YoY revenue growth, PTCL continued its growth momentum and PTMLs (Ufone) revenue grew by 5.4% against the same period last year. U Bank has attained a 29.8% growth in its revenue over the corresponding period of last year.