PTCL Group Posts Rs 32 Billion Revenue in the First Quarter of 2020
Pakistan Telecommunication Company Limited (PTCL), the country’s leading telecom and ICT services provider, has announced its financial results for the first quarter ended March 31, 2020.
PTCL GROUP The company has reported a consolidated loss of Rs. 406.72 million as compared to a profit of Rs. 1.99 billion in the same period last year.
PTCL Group’s revenue of Rs 31.8 Billion in Q1 2020 was lower by 5% as compared to Rs. 33.53 billion recorded in the same period of last year.
Overall PTCL’s operating profit and bottom line have deteriorated over last year due to rupee devaluation, increase in interest rates, higher power tariffs and the effects of COVID-19 pandemic.
According to a company’s statement, when normalized for the impact of certain regulatory changes, the revenue is 3% higher than Q1 2019 on a like-for-like basis.
UBank, a microfinance banking subsidiary of PTCL, continued its growth momentum and has achieved a 44% growth in its quarterly revenue over last year.
PTCL ..