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PAKISTAN TELECOM BOOKS 224 PCT JUMP IN YR NET PROFIT

Wed. September 30, 2009; Posted: 11:58 PM
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Look up the PowerRating of PKTLY and see how it has performed over the past week as well as the current proprietary PowerRating.

KARACHI, Oct 01, 2009 (AsiaPulse via COMTEX) -- PKTLY | Quote | Chart | News | PowerRating -- Pakistan Telecommunication Company Limited (PTCL) has recorded a 224 per cent jump in net profit of Rs 9.151 billion (US$110 million) for the year ended June 30, 2009 from Rs 2.824 billion in the previous year.

Earnings per share also climbed to Rs 1.79 in the year under review against Rs 0.55 in the last year, the country's largest telco said in a filing to the Karachi Stock Exchange on Tuesday.

Although the company posted a substantially higher profit compared to the previous year, it was mainly due to the diluted impact of Voluntary Separation Scheme (VSS) compared to previous year when it was at a cost of Rs 23.937 billion to the company.

In the year under review, the amount on account of VSS amounted to just Rs 92 million.

If the impact of VSS is excluded from the previous year's earnings, the net profit would show negative growth this year compared to last year because of fall in the total revenue.

The revenue of PTCL for the year under review stood at Rs59.239 billion, representing 10.7 per cent decline over the revenue of Rs66.336 billion earned in FY08.

The loss in revenue was caused by slowdown in retail segment of fixed line.

The cost of services remained almost flat whereas the financing cost increased during the year, the company said.

(PPI) bl

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