PTCL Witnesses 53% Increase in Operating Profits in 2016
Pakistan Telecommunication Company Limited (PTCL), the country’s leading telecom and ICT services provider, has announced its financial results for the year ended December 31, 2016, at its Board of Directors meeting held in Islamabad on February 8, 2017.
Operating profits of PTCL Group registered a 53% increase during 2016 compared to last year. The Group revenue stood at Rs. 117.2 billion and with effective cost optimization measures, the operating expenses of the Group were reduced by 3%.
With the objective to align the resources with the current market challenges, PTCL implemented a Voluntary Separation Scheme (VSS) during 2016 and the related costs of Rs. 4.6 billion were accounted for in the financial results of 2016. Accordingly, the PTCL Group net profit for the year was Rs. 1.6 billion, which would have been Rs. 4.7 billion, 152% increase over last year, had there been no VSS.
PTCL Group’s financial position remained healthy and stable during 2016 due to continuous efforts to optimize costs, resulting in 25% increase in cash-based funds in the form of short-term investments and cash and bank balances