Pakistan Telecommunication Company Limited (PTCL) has announced its financial results for the financial year 2024 ending December 31, 2024.
Despite a substantial revenue increase, the PTCL group announced that it had posted a significant loss of over Rs14.39 billion during the year ended on Dec 31, 2024, mainly due to Ufone.
In a statement issued after the board of directors meeting, the company noted that the PTCL group’s revenues grew 17 per cent to Rs219.78 billion during 2024.
The PTCL group includes the PTCL, Ufone and the Ubank.
The group trimmed its losses by 13.94pc to Rs14.39bn in 2024 against Rs16.72bn in 2023, which translates into a loss per share (LPS) of Rs2.82 compared to Rs3.28 in 2023.
Meanwhile, a senior company official confided that the finance cost included the debt repayment and interest on the loans taken by the group related to licencing and operation expenditures of the Ufone. The company said that Ufone reported a 25 revenue growth in 2024 over the preceding year, and the earnings before interest, taxes, depreciation, and amortisation were Rs4.6bn.
Meanwhile, the PTCL revenue increased 12pc to Rs107.76bn in 2024, fuelled by fixed-line, wholesale, and business solutions growth. The company profit plunged 48.66pc to Rs4.82bn from Rs9.39bn in 2023.
Source: https://www.dawn.com/news/1891600/ptcl-group-posts-rs144bn-loss