Pakistan Telecommunication Co Ltd (PTCL) has reported a 24.7% fall in net profit for the year ended 30 June 2007, as rising competition led to a drop in revenues from call traffic. PTCL generated a net profit of PKR15.64 billion (USD258 million) compared to the previous year’s figure of PKR20.78 billion. PTCL’s turnover fell 5.5% to PKR65.28 billion, while operating costs rose 11.7% to PKR46.56 billion, thanks to a rise in marketing costs and property rents.
UAE-based Emirates Telecommunications Corp (Etisalat) has a 26% controlling stake in PTCL. Last week the Gulf operator said it was considering doubling its stake in the company.