Pakistan Telecommunication Company Limited (PTCL), the country's leading telecom and ICT services provider, has announced its financial results for the year ended Dec 31, 2016 at its Board of Directors meeting held in Islamabad on Feb 8, 2017. Operating profits of PTCL Group registered a 53 percent 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 percent.
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 percent 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.
PTCL's revenue for the year was Rs 71.4 billion with growth in fixed line broadband revenue. The company's operating expenses during the period were reduced by 7 percent resulting in 6 percent growth in operating profits. The net profit for the year was Rs 6.8 billion after accounting for the VSS cost. Without VSS impact, net profit of PTCL would have been Rs 9.9 billion, 13 percent increase over last year.
Speaking on the occasion, Dr Daniel Ritz, President and CEO PTCL said that PTCL Group is committed to build a digital and connected Pakistan. He informed that the PTCL Group is investing extensively to transform and upgrade its network to provide reliable and resilient high speed internet and telephone services. "We strive to enhance the customers' experience and create shareholder value," he said.-PR
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