Islamabad, October 16, 2024: For the third quarter of 2024, PTCL Group recorded an extensive loss despite higher revenue. Compared to the same period previous year, the company’s loss increased to Rs6.3 billion for July-September 2024 from Rs2.3 billion.
PTCL Group experienced losses of Rs 15.3 billion in the first nine months of the current fiscal year, a significant rise from Rs 10.8 billion during the same period the previous year. According to financial figures, the company reported a loss of Rs6.3 billion for the third quarter of 2024 alone, up from Rs2.3 billion for the same period in 2023.
Compared to Q3 2023, when the company’s financial costs were Rs 12.7 billion, they were Rs 12.06 billion for the third quarter.
PTCL acknowledged the financial difficulties in a statement, but it also emphasized its ongoing revenue growth and dedication to becoming Pakistan’s top telecom service provider.
For the first nine months of 2024, the company’s group revenue increased by 15.3% year over year (YoY) to Rs160.6 billion, primarily due to robust growth in the fixed broadband, mobile data, and wholesale & business solutions sectors.
The group reported a net loss of Rs 15.3 billion and an operating profit of Rs 1.6 billion despite these increases. Due in significant part to growth in the fixed-line, wholesale, and business solutions sectors, PTCL itself did well, generating Rs79.5 billion in revenue in the first nine months of 2024, an 11.1% rise over the same time the previous year.
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In addition to a net profit of Rs1 billion, the corporation reported an operating profit of Rs8.2 billion during this time, a 27.6% increase over 2023.
PTCL’s Flash Fibre service witnessed an exceptionally high YoY increase of 111.5%, while its fixed broadband business grew by 20.4%. PTCL’s emphasis on FTTH deployment has strengthened its position as the top FTTH operator in Pakistan, with more than 600,000 FTTH subscribers.
In addition, the company’s enterprise business expanded by 38.3% over the same time last year.
In the first nine months of 2024, Ufone 4G, a division of the PTCL Group, reported a 25.6% YoY rise in revenue, bolstered by increased digital engagement and network expansion.