PTCL Posted 2.5 Billion Rupees Profit
No doubts why my phone bill is always so high and of course, who could be the one profiting? PTCL!
According to Propakistnai, Pakistan Telecommunication Company Ltd (PTCL) announced its financial results for the 3rd quarter ended on 31st March, 2010 in their meeting of the Board of Directors held on 29th April 2010.
The Company has announced a Net Profit of Rs. 2.51 billion compared to Rs. 1.91 billion recorded in the 3rd Quarter last year, i.e. 31% growth compared to same period last year. On consolidated period for 3 quarters (9 months) from 1st July 2009 – 31st March 2010 the net profit is Rs.7.86 billion compared to Rs. 7.22 billion for the same period last year.
PTCL success can be evaluated from the fact that its broadband Pakistan has become the largest broad band service in the country covering over 1000 cities countrywide with 80% market share.
The company gave a loan of 5 billion rupees to Ufone, its mobile phone subsidiary, on which Pakistan Telecom earned interest, boosting profit. Pakistan Telecom also gained 670 million rupees in the form of dividends paid by Ufone, reported Bloomberg.