ISLAMABAD: 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.

Among the group, the PTCL posted 17.1pc revenue growth in Q1, 2023 to Rs22.95bn, driven by growth in carrier & wholesale and broadband segments. The PTCL posted an operating profit of Rs1.5bn and a net profit of Rs5.5bn for the first quarter of 2023.

Increase in non-operating income, due to translation gain on the Company’s forex-denominated receivables, dividend income from a subsidiary and gain on disposal of obsolete assets.

The upgradation and fiberisation of the network helped enhance the company’s net profit as compared to the same period last year.

Meanwhile, Ufone posted revenue growth of 20pc in Q1 of 2023 against Q12022 as the firm recently gained a momentous milestone of achieving 24 million subscribers, resulting in a 0.4 percentage point increase in market share.

The UBank achieved 73.0pc growth in its quarterly revenue compared with the revenue generated in Q12022. However, Ufone remained a loss-making entity.

Published in Dawn, April 19th, 2023