ISLAMABAD/KARACHI: The board of directors of the PTCL Group said on Thursday that the company had a net loss of Rs4.8 billion for the quarter that ended on March 31.
The PTCL Group solidified its position as a leading telecom service provider during the January–March quarter, according to a statement released following the board meeting.
Revenues for the group, which includes Pakistan Telecommunication Company Ltd (PTCL), Ufone, and Ubank, rose by 14% to Rs49 billion from the prior year mostly as a result of the consumer segment’s robust performance, which was bolstered by notable increases in fixed broadband, mobile data, and business solutions.
In the first quarter of 2024, PTCL’s sales climbed by 13 percent to Rs26 billion, while its net profit came in at Rs431 million. However, the financial costs on the loans that Ufone took out caused the balance sheet to go into the red even though the company’s income increased by 27% over the same period previous year.
Meezan Bank’s earnings are up.
For the first quarter of 2024, Meezan Bank reported consolidated earnings of Rs25.54 billion, a 65 percent increase over the profit-after-tax (PAT) of Rs15.5 billion during the same time the previous year.
The bank reported that its earnings per share (EPS) for the quarter jumped to Rs14.19 from Rs8.63 in 1QCY23 in a stock filing on Thursday.
For the quarter that concluded on March 31, the board declared an interim cash dividend of Rs7 per share.
UBL brings in Rs. 16 billion.
In 1QCY24, United Bank Ltd. (UBL) reported a PAT of Rs16 billion (EPS: Rs13.05), showing an increase of 12 percent on an annual basis and 19 percent on a quarterly basis.
This quarter’s peak earnings for the bank was driven by a significant QoQ increase in non-interest income despite a decline in interest income. The bank declared a Rs. 11 cash dividend for each share.
