PTCL Reports Widening Losses to Rs14.15 Billion in 2023

Pakistan Telecommunication Company Limited (PSX: PTC) faced an increased after-tax loss, reaching Rs14.15 billion in 2023, up from Rs10.49 billion in the previous year.

According to the financial results, the company's revenue experienced a noteworthy 25.75% year-over-year increase, reaching Rs190.61 billion compared to Rs151.58 billion in 2022.

Despite a 26.50% year-over-year increase in the cost of sales, it remained proportionately lower than the rise in sales, resulting in an improved gross profit of 22.88% year-over-year, totaling Rs38.64 billion in 1HFY24.

However, gross margins saw a slight decline, settling at 20.27% compared to 20.74% in the preceding year.

In 2023, other income witnessed a significant surge, rising by 96.70% year-over-year to Rs30.61 billion, contrasting with Rs15.56 billion in 2022.

On the expenditure side, the company experienced a 26.27% year-over-year increase in administrative and general expenses, reaching Rs25.84 billion, while finance costs and other expenses rose by 73.98% year-over-year, totaling Rs51.72 billion during the review period.

Regarding taxes, the company incurred a higher tax amounting to Rs6.47 billion, a 5.56% year-over-year increase compared to the Rs6.13 billion paid in the corresponding period of the previous year.