ISLAMABAD/KARACHI: The PTCL Group posted a net loss of Rs4.8 billion for the quarter ending March 31, the board of directors announced on Thursday.

The statement issued after the board meeting said that during the January-March quarter, the PTCL Group strengthened its position as a primary telecom service provider.

The group’s revenues — Pakistan Telecomm­unication Company Ltd (PTCL), Ufone, and Ubank — increased by 14pc to Rs49bn compared to the previous year, mainly due to a strong performance in the consumer segment, boosted by significant growth in fixed broadband, mobile data, and business solutions.

PTCL’s revenue increased 13pc to Rs26bn, and its net profit was Rs431 million in the first quarter of 2024. On the other hand, Ufone’s revenue grew 27pc compared to the same period last year; however, the financial charges on the loans obtained by Ufone led the balance sheet to the red.

Meezan Bank’s profits surge

Meezan Bank posted consolidated earnings of Rs25.54bn for the first quarter of 2024, a 65pc jump from the profit-after-tax (PAT) of Rs15.5bn in the same period last year.

In a stock filing on Thursday, the bank said its earnings per share (EPS) increased to Rs14.19 for the quarter compared to Rs8.63 in 1QCY23.

The board announced an interim cash dividend of Rs7 per share for the quarter ended on March 31.

UBL earns Rs16bn

United Bank Ltd (UBL) posted a PAT of Rs16bn (EPS: Rs13.05) in 1QCY24, depicting an increase of 12pc year-on-year and 19pc quarter-on-quarter.

The bank’s earnings reached a peak this quarter, fuelled by a substantial QoQ rise in non-interest income despite a decrease in interest income. The bank announced a cash dividend of Rs11 per share.

Published in Dawn, April 19th, 2024