Pakistan Telecommunication Company Limited (PTCL) posted profit-after-tax (PAT) at Rs7.8 billion for the nine months (9M2014) ended Sept 30, translating into earnings per share (eps) at Rs1.54, down by 31 per cent over PAT at Rs11.2bn and eps at Rs2.21 in the corresponding period of last year.
Sales declined by 1pc to Rs99.3bn in 9M2014 compared to Rs100.3bn YoY. Gross margins squeezed to 34.5pc from 35.6pc.
According to analysts the results were below expectations and came as a surprise to the market as the company’s top-line declined by 12pc in third-quarter 2014, representing QoQ on consolidated basis revenue from PTCL (on standalone basis) and Ufone (100pc owned subsidiary) drop by 9pc and 17pc QoQ in 3QCY14.
Also worth noting, the company booked a loss on assets destroyed in fire of Rs776m in 3QCY14 which sunk earning,” the analyst said, recalling the fire on Sept 28 at a PTCL exchange in Lahore which caused over 45,000 telephone lines and 25,000 internet connections to be disrupted in the city.
