The PTCL representative has announced at a press briefing that the company’s profitability has fallen down during the period due to an increase in operating cost on account of the significant 40pc hike in power tariffs.
Nadeem Khan, PTCL Chief Financial Officer Group has also highlighted that the wireless revenues for the period declined on a year-on-year basis because of strong competition by the cellular companies providing wireless data services.
PTCL Quarterly Profit Drops Down to Rs 1.9bn
He further said:
“There is continued decline in domestic and international voice revenues due to illegal/grey traffic termination, continued conversion of subscribers to over the top and cellular services resulting in declining voice traffic volumes,”
However, Due to accelerated growth in the Ufone and UBank revenues, the PTCL Group’s revenue for the quarter has grown by 11pc to Rs33.5bn.
We have seen double-digit increase year-on-year in Ufone’s revenue. On another hand, in a UBank, a microfinance banking subsidiary of PTCL, there is a significant growth of 53pc in its quarterly revenue over last year. Due to the revenue growth, PTCL Group’s operating profit and net profit for the quarter have improved by 34pc and 95pc respectively.
It has also been highlighted in meeting that the company’s revenue of Rs17.9bn for the quarter is slightly lower than last year.