PTCL registers 15 per cent growth
August 3rd, 2013 | Technology Times | No Comments
STAFF REPORT LHR: The Pakistan Telecom Company Limited (PTC) has announced its 1H2013 result, posting consolidated EPS of Rs1.54 as against EPS of Rs1.34 in the corresponding period last year, translating into a growth of 15 per cent on year to year basis. While on a standalone basis, PTC registered an EPS of Rs0.66, up 12 per cent on year to year basis.
The result is above our and consensus estimates. The primary reasons for the deviation from our estimates are 1) higher than expected revenue, possibly due to higher than anticipated international incoming minutes and 2) lower than expected financial costs. On a QoQ basis, the 2Q2013 earnings have surged by 36 per cent on the back of higher revenues.
The key highlight from the result is the announcement of a cash dividend (of Rs1/share) by PTC for the first time since 9MFY11. Currently we maintain our Hold stance on the stock with a target price of Rs27, however, we flag the potential resolution to the property dispute with Etisalat as a key sentiment booster for the stock.
Published in: Volume 04 Issue 30
Short Link: http://www.technologytimes.pk/?p=10546