Pakistan Telecommunication Company Limited (PTCL) significantly improved its financial performance during the first half of fiscal year 2025-26, with revenue increasing by nearly 15 percent and its net loss narrowing to Rs4.87 billion. According to the latest federal assessment of state-owned enterprises, PTCL generated revenue of Rs125.87 billion between July and December 2025, compared with Rs109.89 billion during the same period a year earlier. The company’s net loss stood at Rs7.20 billion in the corresponding period last year, showing an improvement of Rs2.33 billion.
PTCL also recorded improvement across several key profitability indicators during the period. Gross profit increased by 46 percent to Rs41.99 billion from Rs28.70 billion, while operating profit rose by more than 52 percent to Rs18.75 billion from Rs12.27 billion. Loss before tax declined to Rs7.41 billion from Rs10.45 billion a year earlier. The company’s finance costs also decreased during the period, falling to Rs23.33 billion from Rs26.32 billion, which contributed to the reduction in the overall loss.
Despite the improved income statement, PTCL continued to face pressure on its balance sheet and liquidity position. Total assets increased to Rs954.04 billion by the end of December 2025, compared with Rs806.43 billion previously. However, total liabilities also increased to Rs917.17 billion, leaving total equity at Rs36.87 billion. Accumulated losses stood at Rs42.69 billion. Current liabilities reached Rs500.65 billion against current assets of Rs349.35 billion, resulting in negative working capital of Rs151.30 billion and a current ratio of 0.70.
The company’s debt position also increased during the period. Bank loans rose to Rs327.79 billion from Rs291.43 billion, while other loans increased sharply to Rs68.20 billion from Rs16.89 billion. As a result, PTCL’s debt-to-equity ratio increased to 24.9 times from 21.2 times a year earlier. The federal assessment placed the company in the risk category, with return on equity at negative 13.22 percent and return on assets at negative 0.51 percent. PTCL received no government subsidy, grant or equity injection during the period, compared with a Rs4.07 billion grant in the first half of FY2024-25. Despite reporting a loss, the company contributed Rs2.53 billion in tax revenue to the government.
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