Ufone Posts Handsome Growth; Revenues up 16% and Profits up 78% in 3QFY11

by Yasir Ameen

Ufone continued its remarkable track record in the telecom industry with handsome growth in revenues by 16 percent and in profit by 78 percent in the third quarter of current fiscal year ended in March 2010.

Pakistan Telecommunication Company Limited (PTCL) financial report said that it wholly-subsidiary outperformed again to consolidate a quite strengthening position of the company in terms of its financial stability.

Ufone, the wholly owned subsidiary of PTCL, revenue could be increased to 14 billion in the third quarter of 2010-11 whereas and profit could be to reach at Rs1.5  billion as per estimate of last calendar and quarter earnings and profitability.

The report did not disclose the absolute number of profit and revenue of Ufone, which is also called as Pak Telecom Mobile Limited (PTML).

Ufone revenues and profits were considered as significant for the overall earning of the parent company, PTCL.  The remarkable results once again support the whole group to announce better result in the third quarter despite high overall operating cost and multiple losses on different accounts.

The PTCL net profit of Rs. 7.91 billion showed a 14 percent decline compared to same period last year. The Profit-after-Tax stood at Rs. 4.97 billion was 37 percent lower than the same period last year mainly because of increased employment cost.

Ufone earning witnessed record growth with handsome in crease in profit by 82 percent and revenue by 16 percent in first half of current fiscal year 2010-11.

Its revenues and profit were estimated to cross Rs 25 billion and Rs 2 billion benchmark on growing earnings and profitability.