PTCL posted gross profit of Rs. 8.7 billion in 2014

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The latest quarterly financial reports from Pakistan Telecommunication Company Limited (PTCL) indicates that it managed to gross a profit after tax of Rs. 8.7 billion for first three quarters of 2014, thus depicting a slash from Rs. 9.28 billion it posted in 2013.

PTCL’s income beefed up marginally to Rs. 62.57 billion, rising up from Rs. 60.49 billion it produced in 2013. PTCL mentioned that landline and wireless broadband were the main contributors in revenue generation.

Slash in the balance sheets, presumably, was mainly supported by hiked charges of services, admin and marketing cost. Apart from that, PTCL also had to pay one-time massive loss of assets of Rs. 776,297,000 due to the recent fire tragedy.

PTCL Group placed a consolidated profit after tax of Rs. 7.83 billion for the first nine months of ongoing year, which was earlier 11.28 billion it posted during the identical duration of 2013.

Group revenues also saw a cut down of one percent to touch 99.3 billion, which was earlier 100.3 billion it reported during first nine months of 2013.

President & CEO PTCL, Walid Irshaid was satisfied with the financial performance of the company by saying that; “We have showcased our commitment and our promise to our shareholders once again. Despite having a couple of tragic accidents in the form of recent floods and the fire incident at one of our facility in Lahore, the devotion and spirit of our professional staff to retrieve services in flood stricken areas and to revive the whole facility; in a short span of time shows our commitment to our users. Our lucrative third quarter results once again indicate our hard working capability with diversified product range aligned with market demand”.

“Our organic products have highlighted the value addition to our business in current times and will continue to continue our domination in the future, while we strive to come up with more new services to our portfolio.” Walid Irshaid added.

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