PTCL’s financial year ends with PKR2.8 billion net loss

25 Sep 2008

Pakistan Telecommunication Company Limited (PTCL), the country’s largest telecom company by number of fixed line subscribers, has reported net losses of PKR2.8 billion (USD325.99 million) for its financial year ended June 30, Dow Jones is reporting citing a statement to Karachi Stock Exchange by the operator; the losses are attributed to severance payoffs and the migration of customers to wireless services. Costs of the operator’s Voluntary Separation Scheme, which saw it lay off more than 33,000 employees, were reported to be approximately PKR23.9 billion, although the effects of the cull did see expenses decline 4% in the last quarter of the financial year to PKR44.7 billion.

Pakistan, Pakistan Telecommunication Company Limited (PTCL)