KARACHI: Pakistan Telecommunication Company Limited (PTCL) sustained massive losses to tune of Rs 6.3 billion during three-month period that ended September 30, 2024.

As per latest consolidated financial results made available to Pakistan Stock Exchange on Tuesday, company registered loss of Rs 2.8 billion in same period of previous year. Increase in losses comes despite higher revenue and gross profit during period. Listed company’s revenue surged by nearly 11 percent to Rs 55.56 billion in 3QCY24, compared to Rs 50.09 billion recorded in prior year. Company’s cost of revenue increased up over 14 percent to Rs 42.6 billion in 3QCY24, compared to Rs 37.4 billion in SPLY. Consequently, gross profit of PTCL inched by over 1 percent YoY to Rs 12.9 billion in 3QCY24. This translates to profit margin of 23.2 percent in 3QCY24, lower than 25.4 percent in SPLY During quarter, company saw its operating expenses surge to Rs 13.1 billion, up 26 percent compared to Rs 10.4 billion in SPLY.

Resultantly, PTCL posted an operating loss of Rs 240 million, as compared to operating profit of Rs 2.3 billion in 3QCY23. Meanwhile, company’s other income declined, hitting Rs 2.9 billion in 3QCY24, compared to Rs 6.3 billion in previous year. On other hand, PTCL saw its cost of finance ballooned to Rs 12.1 billion in 3QCY24.