PTCL announced its financial results for the quarter ending June 30th, 2024. Revenue grew 12% year-over-year to Rs. 26.7 billion compared to the previous year’s Rs. 23.9 billion. However, profits dropped significantly by 55% to Rs. 705 million from Rs. 1.50 billion in the same period last year, and no dividends were declared for the quarter.
The cost of services increased by 10% year-over-year, but there were positive signs with gross profit rising 17% to Rs. 6.78 billion and operating profit improving 20% to Rs. 2.7 billion. Other income also saw a 28% increase to Rs. 4 billion. Earnings per share came in at Rs. 0.14 compared to Rs. 0.13 in the same period last year. The company’s stock price closed at Rs. 12.93, reflecting a 5.62% decline with 9.5 million shares traded on the last day of the quarter.
While PTCL’s revenue growth suggests potential market expansion, the substantial drop in profits raises concerns about rising costs or operational inefficiencies. The lack of a dividend announcement might also disappoint investors. It’s important to note that these are company results only, and group results including subsidiaries will be available later.