PTCL Group books 95% increase in Q1 net profit

20 May 2019

Pakistan’s fixed line incumbent Pakistan Telecommunication Company Limited (PTCL) – which also offers mobile services via its Ufone-branded subsidiary – has booked consolidated total revenue of PKR33.5 billion (USD224.8 million) for the first three months of 2019, up from PKR30.3 billion twelve months earlier. EBITDA for the period increased from PKR10.2 billion to PKR11.9 billion, although the company notes that the growth was amplified by a change in accounting standards, excluding which EBITDA would have grown to PKR11.0 billion. Net profit grew 95% year-on-year to PKR2.0 billion, or to PKR2.2 billion excluding the new accounting standards. The expansion was driven primarily by strong growth at the company’s mobile subsidiary, which recorded revenue growth of 22% y-o-y, and an 82% increase in net profit. PTCL’s standalone business, meanwhile, continued to improve after the company registered its first annual growth since 2014, reporting a 0.7% increase in turnover for 2018. PTCL’s revenue for Q1 2019 was flat at PKR17.9 billion – down 0.6% y-o-y – whilst net profit for the quarter grew by 10% to PKR2.0 billion.