PTCL reports Rs6.3b loss despite 15% revenue growth

Despite increased revenue, PTCL Group has reported a significant loss for the third quarter of 2024. The company's loss surged to Rs6.3 billion for July–September 2024, up from Rs2.3 billion during the same period last year.

Over the first nine months of the current financial year, PTCL Group's losses escalated to Rs15.3 billion, a sharp increase from Rs10.8 billion in the same period last year. According to the company's financial results, the loss for Q3 2024 alone stood at Rs6.3 billion, up from Rs2.3 billion during the corresponding period in 2023.

PTCL Group's cost of services also climbed, reaching Rs42 billion during July-September 2024, compared to Rs37 billion during the same period last year. Meanwhile, other income dropped dramatically, falling to Rs2.8 billion from Rs6.3 billion in the same quarter of 2023.

The company's financial costs remained high, at Rs12.06 billion for the third quarter, compared to Rs12.7 billion in Q3 2023.

In a statement, PTCL acknowledged the financial challenges but highlighted its continued revenue growth and its commitment to being a leading telecom service provider in Pakistan. The company reported a 15.3% year-on-year (YoY) increase in group revenue, amounting to Rs160.6 billion for the first nine months of 2024, driven largely by strong performances in the fixed broadband, mobile data, and wholesale & business solutions sectors.

Despite these gains, the group recorded an operating profit of Rs1.6 billion and a net loss of Rs15.3 billion. PTCL itself performed well, achieving Rs79.5 billion in revenue during the first nine months of 2024—an 11.1% increase from the same period last year—largely driven by growth in the fixed-line, wholesale, and business solutions sectors. The company posted an operating profit of Rs8.2 billion during this period, up by 27.6% compared to 2023, alongside a net profit of Rs1 billion.

PTCL's fixed broadband business experienced a 20.4% YoY growth, while its Flash Fibre service saw an unprecedented 111.5% YoY rise. With over 600,000 fibre-to-the-home (FTTH) subscribers, PTCL's focus on FTTH deployment has reinforced its position as the leading FTTH operator in Pakistan.

Additionally, the company's enterprise business grew by 38.3% compared to the same period last year.

Ufone 4G, part of the PTCL Group, posted a 25.6% YoY increase in revenue during the first nine months of 2024, supported by network expansion and enhanced digital engagement.