Pakistan Telecommunication Company Limited (PTCL) has significantly improved its financial performance during the first half of FY2025-26. The state-owned telecom giant posted revenue of Rs 125.87 billion during July-December 2025, up from Rs 109.89 billion a year earlier. That marks a jump of roughly 14.5%, according to the latest federal state-owned enterprises’ financial assessment.
More importantly, PTCL’s net loss narrowed to Rs 4.87 billion from Rs 7.20 billion in the same period last year. The loss also came in well below the Rs 7.77 billion recorded in H1 FY2023-24, showing a steady year-on-year improvement trend.
Profitability metrics improved sharply across the board. Gross profit jumped 46% to Rs 41.99 billion from Rs 28.70 billion. Similarly, operating profit rose over 52% to Rs 18.75 billion from Rs 12.27 billion. Loss before tax also shrank to Rs 7.41 billion from Rs 10.45 billion, partly helped by lower finance costs that fell to Rs 23.33 billion from Rs 26.32 billion.
However, the balance sheet tells a more complicated story. Total assets grew to Rs 954.04 billion by end-December 2025, up from Rs 806.43 billion. Yet total liabilities surged even faster to Rs 917.17 billion, leaving total equity at just Rs 36.87 billion. Accumulated losses stood at Rs 42.69 billion.
The company’s liquidity position remained under pressure as well. Current liabilities of Rs 500.65 billion against current assets of Rs 349.35 billion resulted in negative working capital of Rs 151.30 billion. The current ratio sat at only 0.70.
Debt levels also climbed during the period. Bank loans rose to Rs 327.79 billion from Rs 291.43 billion. Other loans jumped sharply to Rs 68.20 billion from just Rs 16.89 billion. As a result, the debt-to-equity ratio worsened to 24.9 times from 21.2 times a year earlier.
The federal assessment placed PTCL in the risk category, with return on equity at negative 13.22% and return on assets at negative 0.51%. Meanwhile, the government provided no subsidy, grant, or equity injection during the period, compared with a Rs 4.07 billion grant in H1 FY2024-25. Despite its losses, PTCL still contributed RPakistan Telecommunication Company Limited (PTCL) has significantly improved its financial performance during the first half of FY2025-26. The state-owned telecom giant posted revenue of Rs 125.87 billion during July-December 2025, up from Rs 109.89 billion a year earlier. That marks a jump of roughly 14.5%, according to the latest federal state-owned enterprises’ financial assessment.
More importantly, PTCL’s net loss narrowed to Rs 4.87 billion from Rs 7.20 billion in the same period last year. The loss also came in well below the Rs 7.77 billion recorded in H1 FY2023-24, showing a steady year-on-year improvement trend.
Profitability metrics improved sharply across the board. Gross profit jumped 46% to Rs 41.99 billion from Rs 28.70 billion. Similarly, operating profit rose over 52% to Rs 18.75 billion from Rs 12.27 billion. Loss before tax also shrank to Rs 7.41 billion from Rs 10.45 billion, partly helped by lower finance costs that fell to Rs 23.33 billion from Rs 26.32 billion.
However, the balance sheet tells a more complicated story. Total assets grew to Rs 954.04 billion by end-December 2025, up from Rs 806.43 billion. Yet total liabilities surged even faster to Rs 917.17 billion, leaving total equity at just Rs 36.87 billion. Accumulated losses stood at Rs 42.69 billion.
The company’s liquidity position remained under pressure as well. Current liabilities of Rs 500.65 billion against current assets of Rs 349.35 billion resulted in negative working capital of Rs 151.30 billion. The current ratio sat at only 0.70.
Debt levels also climbed during the period. Bank loans rose to Rs 327.79 billion from Rs 291.43 billion. Other loans jumped sharply to Rs 68.20 billion from just Rs 16.89 billion. As a result, the debt-to-equity ratio worsened to 24.9 times from 21.2 times a year earlier.
The federal assessment placed PTCL in the risk category, with return on equity at negative 13.22% and return on assets at negative 0.51%. Meanwhile, the government provided no subsidy, grant, or equity injection during the period, compared with a Rs 4.07 billion grant in H1 FY2024-25. Despite its losses, PTCL still contributed Rs 2.53 billion in tax revenue to the government.s 2.53 billion in tax revenue to the government.
