Despite seeing increased revenue, PTCL Group has reported significant financial losses for the third quarter of 2024. The company’s loss surged to Rs6.3 billion during July-September 2024, compared to Rs2.3 billion in the same period last year. Over the first nine months of the year, losses escalated to Rs15.3 billion, up from Rs10.8 billion in the corresponding period of 2023.
The rise in losses was driven by increased costs, with the cost of services climbing to Rs42 billion, compared to Rs37 billion in Q3 2023. Additionally, other income dropped sharply from Rs6.3 billion to Rs2.8 billion, contributing to the financial downturn. Despite these challenges, the company’s financial costs remained relatively stable at Rs12.06 billion for the quarter.
In a statement, PTCL acknowledged the financial difficulties but emphasized its revenue growth and ongoing commitment to being a leading telecom provider in Pakistan. PTCL Group saw a 15.3% year-on-year (YoY) increase in group revenue, reaching Rs160.6 billion for the first nine months of 2024. This growth was primarily driven by strong performances in fixed broadband, mobile data, and wholesale business solutions.
Also Read: PTCL Group Partners with the Pakistan Hockey Team to Renew and Honor the National Legacy
PTCL’s fixed broadband business grew by 20.4% YoY, with its Flash Fibre service seeing a remarkable 111.5% increase. PTCL now has over 600,000 fibre-to-the-home (FTTH) subscribers, reinforcing its position as Pakistan’s leading FTTH operator. The company’s enterprise business also grew by 38.3% YoY.
Ufone 4G, part of the PTCL Group, also posted a 25.6% YoY increase in revenue for the first nine months of 2024, driven by network expansion and enhanced digital engagement. Despite these positive developments, the group’s net loss of Rs15.3 billion indicates that the financial pressures continue to weigh heavily on its overall performance.
