Revenue growth fails to offset PTCL’s rising expenses, losses surge

WEB DESK: The Pakistan Telecommunication Company Ltd (PTCL) reported a significant 61 per cent increase in losses for the April-June 2024 quarter, according to financial results submitted to the Pakistan Stock Exchange (PSX) on Wednesday.

The company recorded a loss of Rs3.4 billion, a sharp rise from the Rs2.1 billion loss reported in the same period last year.

This surge in losses was primarily attributed to a substantial rise in operating expenses and financing costs. Despite the company’s revenue increasing by 21 per cent to Rs55.85 billion in the second quarter of 2024, up from Rs46.04 billion during the same period in 2023, the higher costs outweighed the revenue gains.

Operating expenses during the quarter jumped 32 per cent to Rs12.97 billion, compared to Rs9.8 billion in the corresponding period of the previous year.

This increase in expenses played a significant role in the company’s overall financial performance for the quarter.

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