PTCL Earned 53% Increase in Operating Profit

Islamabad (February 9,2017):- Pakistan Telecommunication Company Limited (PTCL) has announced that company has earned 53% profit in 2016, this is declared in the meeting of Board of directors held in Islamabad on Wednesday.
As per details company’s Operating profits recorded a 53 % increase during 2016 compared to last year. The revenue remained at Rs.117.2 billion and the operating expenses of the Group were reduced by 3 per cent.
With the objective to align the resources with the current market challenges, PTCL implemented a Voluntary Separation Scheme (VSS) during 2016 and the related costs of Rs. 4.6 billion were accounted for in the financial results of 2016. Accordingly, the PTCL Group net profit for the year was Rs. 1.6 billion, which would have been Rs. 4.7 billion, 152 per cent increase over last year, had there been no VSS.
PTCL’s financial position remained healthy and stable during 2016 due to continuous efforts to optimize costs, resulting in 25 per cent increase in cash-based funds in the form of short-term investments and cash and bank balances.
PTCL’s revenue for the year was Rs.71.4 billion with growth in fixed line broadband revenue. The Company’s operating expenses during the period were reduced by 7 per cent resulting in 6 per cent growth in operating profits. The net profit for the year was Rs 6.8 billion after accounting for the VSS cost. Without VSS impact, net profit of PTCL would have been Rs. 9.9 billion, 13 per cent increase over last year.
Speaking on the occasion, Dr. Daniel Ritz, President & CEO PTCL said that PTCL is committed to building a digital and connected Pakistan. He informed that the PTCL Group is investing extensively to transform and upgrade its network to provide reliable and resilient high speed internet and telephone services.

Source: www.pakobserver.net

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