Pakistan Telecommunication Company Limited Announces Revised Financials for 2023

Islamabad, The Board of Directors of the Pakistan Telecommunication Company Limited (PTCL) has approved revised Annual Group Consolidated Accounts for the fiscal year ended December 31, 2023. The revision came during the board meeting in Islamabad on May 02, 2024, following the discovery of discrepancies in the financials of one of PTCL’s subsidiaries.

The revised financial numbers show that the revenue for 2023 stood at 188,074,785 rupees compared to 151,019,513 rupees in 2022. The cost of services rose to 151,884,838 rupees from 120,383,089 rupees, yielding a gross profit of 36,189,947 rupees up from 30,636,424 rupees in the previous year.

Administrative and general expenses were reported at 25,640,613 rupees, up from 20,432,002 rupees, while selling and marketing expenses increased to 10,734,108 rupees from 8,536,663 rupees. The company also reported a reduction in impairment loss on trade debts and contract assets to 1,191,121 rupees from 4,593,883 rupees.

Despite a rise in other income from 15,624,653 rupees to 30,247,758 rupees, the operating loss expanded to 1,375,895 rupees compared to a loss of 2,926,124 rupees in 2022. The finance cost and other expenses also increased significantly to 51,778,864 rupees from 29,797,427 rupees.

Overall, the loss before tax worsened to 22,907,001 rupees from 17,098,898 rupees, with the net loss for the year totaling 15,544,234 rupees, worsening from 10,914,807 rupees. The earnings per share-basic and diluted were recorded at -3.05 rupees, compared to -2.14 rupees in the previous year.

The TRE Certificate Holders of the Exchange have been informed of the revisions.