PTCL posts Rs764m Q3 loss

KARACHI: The Pakistan Telecommunication Company Limited (PTCL) on Tuesday reported losses worth Rs764.055 million in the quarter ended September 30, 2023 due to an increase in finance cost, a bourse filing said.

In a statement to the Pakistan Stock Exchange, the company reported a net loss of Rs764.055 million for Q3 ended September 30, down from losses of Rs2.572 billion during the same period last fiscal.

The company skipped any pay-out for the period. Net revenue for the quarter rose to Rs48.640 billion, compared with Rs38.818 billion a year earlier. Its cost of services increased to Rs38.809 billion during the period against Rs31.252 billion last year.

Finance cost for the period increased to Rs12.023 billion from Rs9.340 billion during Q3 FY22. For the nine months ended September 30, the company reported a net loss of Rs9.283 billion, up from a net loss of Rs5.628 billion during the same period last year.

However, a spokesman of the company said that despite the challenging economic environment, the group achieved an impressive 26.3 percent increase in revenue compared to the same period last year. This substantial growth can be attributed to outstanding performance in various sectors, including fixed broadband, mobile data, business solutions, and mobile banking services.

The business environment in 2023 remains affected by the unfavourable macroeconomic challenges that emerged in 2022. Increasing energy and fuel costs persist as hurdles for telecom companies, making it challenging to offer top-notch services to consumers at reasonable rates, he said.

Soneri Bank reports 220pc profit growth in nine months

Soneri Bank Limited said on Tuesday its profit after tax (PAT) for the nine months ended Sept. 30 rose by 220.04 percent year-on-year to Rs4.15 billion.

The bank said in a statement that its profit before tax (PBT) for the period also increased by 152.01 percent to Rs8.44 billion, while its earnings per share (EPS) improved to Rs3.76 from Rs1.17 a year ago.

The bank attributed the strong performance to higher net interest income (NII), which grew by 107.52 percent to Rs16.10 billion, and higher non-markup income (NMI), which rose by 14.58 percent to Rs4.66 billion.

The bank said it maintained strict cost control measures and rationalized its expenses, which grew by 22.25 percent to Rs11 billion, despite inflationary pressures.

The bank also achieved a milestone of crossing Rs500 billion in deposits, which increased by 24.62 percent to Rs510.48 billion as of Sept. 30. The bank said it focused on improving its current and saving accounts (CASA) mix, which stood at 78.81 percent at the end of the period.