PTCL books H1 profit of nearly PKR3bn

16 Jul 2021

State-backed telco Pakistan Telecommunication Company Limited (PTCL) Group has reported its financial results for the first six months of 2021, booking consolidated turnover of PKR67.85 billion (USD424.5 million), up from PKR62.90 billion a year earlier. The operator noted that the improvement was largely driven by its Broadband and Corporate and Wholesale divisions, which saw year-on-year revenue increases of 13.4% and 15.6%, respectively, to PKR15.32 billion and PKR12.77 billion. Turnover from wireless services, meanwhile, grew by 4.8% y-o-y to PKR25.55 billion. Operating profit for the six-month period was PKR3.99 billion compared to PKR1.77 billion in H1 2020, as revenue growth outstripped increases in costs and expenses. Net profit the period grew to PKR2.93 billion from PKR33.3 million a year earlier, bolstered by a decrease in financing costs of around PKR780 million and an increase of around PKR885 million from ‘Other Income’.