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PTCL profit down 24 percent

KARACHI: Pakistan Telecommunication Company Limited (PTCL) posted Rs 2.563 billion net profit in July-September of current fiscal against Rs 3.178 billion in the same period of last year, showing 24 percent decline. The fall in the net profit of the company was caused due to cut in the total revenue of the company because of intense competition it faced in the local market.Total revenue dropped to Rs 14.472 billion in first quarter of current fiscal against Rs 16.610 billion in the same period of last year. Company’s earnings per share also decreased to Rs.0.50 against Rs.0.62 per share in the last year, a Karachi Stock Exchange (KSE) notice showed on Friday. The cost of services remained also flat during the period at Rs.9.380 billion against Rs.9.453 billion in the last year. Financing costs also decreased to Rs.129 million over Rs.403 million last year. staff report

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