February 13, 2024 (MLN): Pakistan Telecommunication Company Limited (PSX: PTC) saw its loss after tax widen to Rs14.15 billion in 2023, compared to a loss of Rs10.49bn in the previous year.
Going by the results, the company's top line rose by 25.75% YoY to Rs190.61bn as compared to Rs151.58bn in 2022.
The cost of sales also rose by 26.50% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 22.88% YoY to Rs38.64bn in 1HFY24.
The gross margins inched down to 20.27% as compared to 20.74% in the previous year.
During 2023, other income surged by 96.70% YoY to stand at Rs30.61bn as compared to Rs15.56bn in 2022.
On the expense side, the company observed a rise in administrative and general expenses by 26.27% YoY and Finance costs & other expenses by 73.98% YoY to clock in at Rs25.84bn and Rs51.72bn respectively during the review period.
On the tax front, the company paid a higher tax worth Rs6.47bn against the Rs6.13bn paid in the corresponding period of last year, depicting an increase of 5.56% YoY.
| Consolidated (un-audited) Financial Results for the year ended 31 December, 2023 (Rupees in '000) | |||
|---|---|---|---|
| Dec 23 | Dec 22 | % Change | |
| Sales | 190,610,316 | 151,576,979 | 25.75% |
| Cost of sales | (151,973,753) | (120,133,499) | 26.50% |
| Gross Profit | 38,636,563 | 31,443,480 | 22.88% |
| Administrative and general expenses | (25,842,452) | (20,466,175) | 26.27% |
| Selling and marketing expenses | (10,718,486) | (8,536,663) | 25.56% |
| Impairment loss on trade debts and contract assets | (1,587,428) | (4,895,492) | -67.57% |
| Other Income | 30,614,240 | 15,563,655 | 96.70% |
| Finance costs & other expenses | (51,720,684) | (29,727,802) | 73.98% |
| Profit before taxation | (20,618,247) | (16,618,997) | 24.06% |
| Taxation | 6,471,503 | 6,130,823 | 5.56% |
| Net profit for the period | (14,146,744) | (10,488,174) | 34.88% |
Amount in thousand except for EPS
Copyright Mettis Link News
Posted on:2024-02-13T15:09:39+05:00
43246
