KARACHI, Oct 30: Pakistan Telecommunication Co Ltd. (PTCL) posted a 6.9 per cent fall in first-quarter profits for the financial year 2006-07 on Monday. PTCL — the country's fourth-largest listed company, with a market value of around $2.7 billion -- said its net profit in the July-September period was Rs5.15 billion ($85 million) compared with Rs5.53 billion a year earlier.
Analysts said the reduced profit was due to the impact of competition on international call revenue, which outweighed subscriber growth.
PTCL's control of Pakistan's landline sector has been eroded since the government opened up the market in 2002, but it still dominates the sector and also operates cell phone and internet services.Earlier this year, Dubai-based Emirates Telecommunications Corp (Etisalat) took over management control of PTCL from the government of Pakistan, buying a 26 per cent stake for $2.49 billion.—Reuters
