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PTCL profit down 26pc

October 12, 2018

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ISLAMABAD: Pakistan Telecomm­unication Company Ltd (PTCL) recorded 9MCY18 net profit at Rs4.8 billion, down 26 per cent from same period last year.

The decline was driven by lower operating profit and non-operating income, said PTCL President Dr Daniel Ritz at a press conference on Thursday.

PTCL’s revenue for the period grew by 6pc to Rs93.21bn on account of positive contributions from all group companies.

The group’s overall sales rose by 11pc during 3QCY18 while Ufone posted a 10pc increase year-on-year. UBank, a microfinance subsidiary of PTCL, posted 65pc growth in revenue over same period last year.

Consolidated profit soared by 65pc but net profit fell mainly due to an adverse impact of currency devaluation costing Rs1.4bn. If it weren’t for the devaluation, consolidated net profit would have been higher by 27pc, the company said.

Published in Dawn, October 12th, 2018