Pakistan Telecommunication Company Limited (PTCL) has announced its financial results for the nine months’ period ended September 30, 2018, at its Board of Directors meeting held in Islamabad on October 11, 2018.

PTCL Group’s revenue for the nine months’ period of 2018 has grown YoY by 6% to Rs. 93.21 billion as a result of positive contribution by all group companies.

QoQ PTCL Group’s revenue has also grown by 11% during the third quarter of 2018. Ufone revenue has increased by 10% YoY, UBank, a microfinance banking subsidiary of PTCL, has shown significant growth of 65% in its revenue over the same period of 2017.

PTCL Group’s operating profit for the period improved by 65%, however, its net profit declined by 26% mainly due to an adverse impact of currency devaluation of Rs. 1.4 billion during the current year and positive one-offs of Rs. 2.3 billion in last year. Like-for-like net profit of PTCL Group would have been higher by 27% compared to last year.

PTCL revenue for the nine months’ period has been stable overall at Rs 52.6 B YOY. PTCL’s flagship Fixed Broadband DSL service posted revenue growth of 7% over nine months of 2017. This includes the 31 exchanges fully transformed to date where DSL growth YOY was even higher at 15%.

Corporate business continues to perform strongly and has shown significant growth of 14% over the same period last year by signing new customers in Managed Services, Cloud Infrastructure Services, IT and Security Solutions. Conversion of EVO customers to Charji/LTE have yielded positive results with YoY revenue growth in double digits, however also resulted in higher subscriber acquisition cost as compared to the same period last year.

During the 3rd quarter, PTCL entered into a partnership with WWF Pakistan and committed to support plantation of 200,000 mangrove seeds in Balochistan. PTCL has also inducted top 100 young engineers and business graduates under Summit Programme 2018 from top institutions & universities across Pakistan which would help to develop future leadership.