Breaking News – PTCL Loss Climbs Up to 31% in 1st Quarter 2017
PTCl is one the largest ICT company of the Pakistan. It has almost 20000 employees. Which are working in different departments. In 2006 it was sale out to Etisalat UAE on 26% share purchase. Pakistan Telecommunication Company Limited (PTCL) has released its financial performance for the first three months of the year 2017. According to the statistics the PTCL has failed to achieve its positive indicators. It has lost 31% revenue in last three months.
According to the financial results declared by Board of Directors’ meeting in Islamabad, the profits of PTCL Group declined to Rs 2.145 billion by end of first quarter of 2017 as compared to Rs 3.13 billion reported during the same period last year.
Telecom giant closed the financial year of 2016 with drop of 21% profit which aggravated in the first quarter of 2017.
The profit of first quarter declined due to huge drop in the earnings derived by the company under “Other Income”. It declined to Rs 810 million in 1Q of 2017 from Rs 2.286 billion in 1Q of 2016.
According to PTCL financial report, the head of other income includes revenues through return on bank, mark up on long term loans (to subsidiaries), late payment surcharge from subscribers on overdue bills, recovery from written off defaulters, gain on disposal of available for sale investments, dividend income.