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| PTCL posts Rs7.2bn profit |
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Friday, May 01, 2009
By our correspondent
KARACHI: Pakistan Telecommunication Company Ltd (PTCL) reported a net profit at Rs7.2 billion for nine months ended March 31, 2009 against Rs6.6 billion losses incurred in the corresponding period last year.
The reason behind posting of massive losses last year (2008) was payment of Rs23.2 billion to its outgoing employees, who opted for Voluntary Separation Scheme (VSS). There was no VSS expenditure recorded in the July-March 2009 period and that is why the company accounts turned into profits.
“Excluding VSS cost, the profit of the company declined by 15 per cent amid falling revenues, sharp rise in finance cost and decreasing non-operating income in the period under review,” calculated Mustafa Bilwani at JS Research.
Net profits translated into earning per share (EPS) of Rs1.42 against Rs1.29 loss per share (LPS) recorded in 2008. The top line of the company decreased by six per cent on the back of declining fixed line revenues and stood at Rs45 billion against Rs48 billion in July-March 2008. Resultantly, operating profits of the company fell by 11 per cent to Rs9.1 billion. Moreover, owing to exchange losses, financial charges of the company rose by a massive 101 per cent to Rs912 million, while non-operating income fell by 14 per cent to Rs3 billion.
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ISSN 1563-9479 
