PTCL posts Rs7.9bn profit

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KARACHI : The bellwether of the current reporting season, Pakistan Telecommunication Company Ltd (PTCL) announced financial results for the first half 2013, posting profit after tax (PAT) at Rs7.9 billion, 15 per cent higher than Rs6.8bn earned in the same period last year.

This translated into earning per share (eps) at Rs1.54 and Rs1.34.

While the financial numbers beat analysts' expectations, the bigger surprise came in the form of interim dividend of Re1 or 10pc announced by the Board along with the results.

As the investors' dashed to pick up PTCL stocks, the price shot up to touch the 'circuit breaker' at Rs26.07, but receded by the end of trading to close with gain of 67 paisa to Rs25.50.

The company has changed its financial reporting year from June 30 to Dec 31.

In 1H2013, PTCL revenue grew 4.8pc to Rs65.6bn and cost of sales also rose from 8.2pc to Rs41.4bn. Resultantly gross margins declined by 200bps to 36.8pc. However, substantial increase in earnings in 1H over the same time last year was attributed mainly to the absence of Voluntary Separation Scheme (VSS). In 1H2012, PTCL had booked Rs9.5bn in VSS charges.

On quarter on quarter (QoQ) basis profit rose by 36pc mainly due to increase in revenues by 3.7pc to Rs33.4bn and gross margin improvement by 250bps to 38.1pc.

Courtesy: Dawn

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