KARACHI: Pakistan Telecommunication Company Limited (PTCL) posted on Wednesday a net profit of Rs6.83 billion for 2016, down 21.97 per cent from a year ago.
According to a stock notice, PTCL`s revenue for the year was Rs71.4bn, down 5.7pc year-on-year.
A press release attributed the annual decline in earnings to the Voluntary Separation Scheme (VSS) cost that the company incurred last year. `Without the VSS impact, net profit of PTCL would have been Rs9.9bn, (showing) 13pc increase over last year,` it said. Its provision for income tax amounted to Rs3.36 billion in 2016, down 25pc on a year-on-year basis.
The company did not announce any dividend with the annual result.-Staff Reporter