PTCL group posts Rs5.7bn loss

Pakistan Telecommunication Company Ltd (PTCL) group achieved a 23.2 per cent revenue growth in the January-March quarter over the same period last year. The PTCL group’s revenue was recorded at Rs43.2 billion during the first quarter of 2023, however, the group posted a net loss of Rs5.7bn. The key challenges faced by the company were increasing energy and fuel tariffs and restrictions imposed by the State Bank of Pakistan on imports which impacted network roll-out timelines of the operators and resulted in a significant devaluation of the rupee. The company claimed that the substantial revenue growth was primarily attributable to the strong performance in fixed broadband, mobile data, business solutions and banking services. The adverse effects of macroeconomic challenges that emerged during the year 2022 continued to reflect in the businesses in 2023 as well, the company said.