| Pakistan Telecommunication Company Limited |
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| (Annual
Report 1997) |
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| CONTENTS |
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| Company's
Information |
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| Notice
of 2nd Annual General Meeting |
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| Directors'
Report |
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| Auditors'
Report to the Members |
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| Balance
sheet |
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| Profit
and Loss Account |
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| Cash
flow Statement |
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| Notes
to the Accounts |
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| Statement
Under Section 237 of Companies Ordinance, 1984 |
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| Pattern
of Shareholding |
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| Subsidiaries
Accounts |
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| COMPANY'S
INFORMATION |
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| Board
of Directors |
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| Naseem
S. Mirza (Chairman) |
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| Shiekh
Inamul Haque |
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| Mueen Afzal |
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| Fazlullah
Qureshi |
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| Zafar
All Khan |
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| Maj.
Gen. Shahzada Alam Malik |
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| S.A.H.
Naqvi |
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| Mujahid
Uwais Agra |
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| Shaukat
R. Mirza |
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| Bashir
Ahmad |
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| Company's
Management |
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| Naseem
S. Mirza (Chief Executive) |
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| S.A.H.
Naqvi (Member Technical) |
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| Mujahid
Uwais Agha (Member Finance) |
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| Khalid
Amin (Member Administration) |
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| Izhar
Hussain (DG Plans) |
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| Syed
Mahmood Ahmad (DG Operations) |
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| Akhtar
Ahmad Bajwa (DG International Communications) |
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| A.W.
Awan (DG Customer Services) |
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| Mushtaq
Ahmed Bhatti (DG TT & R) |
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| Noor-uddin
Baqai (CE PSP) |
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| Muhammad
Nehmatullah (Chief Accounts Officer) |
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| S.N.K.A.
Ghaznavi (GM Finance) |
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| Company
Secretary |
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| Pervaiz
ljaz Shiekh |
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| Auditors |
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| A.F.
Ferguson & Co., |
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| Chartered
Accountants |
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| Legal
Advisors |
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| Farrukh
Jawad Panni, Barrister-at-Law |
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| Dr.
Sajid Qureshi, Barrister-at-Law |
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| Bankers |
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| ABN-AMRO
Bank |
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| ANZ
Grindlays Bank Ltd. |
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| Bank
of America |
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| Bankers
Equity Ltd. |
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| Citibank
N.A. |
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| Deutche
Bank |
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| Faysal
Bank Ltd. |
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| Muslim
Commercial Bank Ltd. |
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| National
Bank of Pakistan |
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| Standard
Chartered Bank |
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| Lasalle
Bank, N.Y. |
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| Company
Registrar |
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| Khalid
Majid Hussain Rehman & Co., |
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| K-16,
Block # 6, PECHS, |
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| Karachi
- 75530 |
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| Tel:
+ 92 21 111 - 414141, Fax: + 92 21 452-7076 |
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| Registered
Office |
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| Headquarters
G-8/4, Islamabad |
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| Te1:+9251263732
111-101010 |
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| Fax:+9251263733
111-191919 |
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| E.Mail:
chepsp@paknet.ptc.pk |
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| NOTICE
OF SECOND ANNUAL GENERAL MEETING |
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| NOTICE
IS HEREBY GIVEN that the Second Annual General Meeting of Pakistan
Telecommunication Company |
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| Limited
(PTCL) will be held at Auditorium, National Library of Pakistan, Constitution
Avenue, Islamabad, on |
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| Tuesday
23rd December, 1997 at 9.00 a.m. to transact the following Business: |
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| Ordinary
Business |
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| 1.
To approve the minutes of the First Annual General Meeting. |
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| 2.
To receive, consider and adopt the Audited Accounts for the year ended 30th
June, 1997, together with the |
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| Auditors'
and Directors' reports. |
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| 3.
To approve the dividend as recommended by the Board of Directors. |
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| 4.
To appoint Auditors for the year ending 30th June 1998 and to fix their
remuneration. The retiring Auditors |
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| M/s
A.F. Ferguson & Co. being eligible, offer themselves for appointment. |
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| 5.
To transact any other business with the permission of the Chair. |
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By order of the Board |
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Pervez Ijaz Sheikh |
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| Islamabad:
2nd December, 1997 |
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Secretary |
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| Notes: |
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| 1.
Any member of the Company entitled to attend and vote at this Meeting may
appoint any person as his/her |
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| proxy
to attend and vote instead of him/her. Proxies in order to be effective must
be received by the |
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| Company
at the Registered Office not less than 48 hours before the time fixed for
holding the meeting. |
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| 2.
Share Transfer Books of the Company will remain closed from 9th December,
1997 to 23rd December, 1997 |
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| (both
days inclusive) for the purposes of the Second Annual General Meeting. |
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| 3.
Members are requested to notify any change in address immediately. |
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| DIRECTORS'
REPORT |
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| The
Directors take pleasure in presenting their Report together with the Audited
Accounts of Pakistan Telecommunication |
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| Company
Limited for the year ended 30 June, 1997. |
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| Company's
Overview |
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| PTCL
is the primary provider of telecommunication facilities in Pakistan. Its
services include basic telecom facilities like |
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| telephone,
telegraph, fax and the more modem ones like, Public Data Network, Universal
Access Numbers, Internet, E-mail and |
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| ISDN. |
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| The
Company has a monopoly on domestic and international fixed line services till
December 2002. It maintains and runs a state- |
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| of-the-art
international subscribers dialling system comprising of digital gateway
exchanges operating through satellite earth |
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| stations
and submarine cables. The Company has achieved a digitalization ratio of
almost 80% of total network, which is one of |
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| the
highest in the Region. It also manufactures and markets telecommunication
equipment through its subsidiaries, namely |
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| Telephone
Industries of Pakistan (TIP) and Carrier Telephone Industries (CTI). |
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| The
authorized share capital of PTCL is Rs 150 billion divided into
11,100,000,000 "A" class ordinary shares of Rs 10/- each and |
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| 3,900,000,000
"B" class ordinary shares of Rs 10/- each. The "A" and
"B" classes ordinary shares rank pari-passu in all respects |
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| except
that each "B" class ordinary share has four voting rights per
share. The Company has an issued and paid-up capital of |
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| Rs.51
billion divided into 3,774,000,000 "A" class ordinary shares and
1,326,000,000 "B" class ordinary shares. The "A" class |
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| ordinary
shares are listed on all the stock exchanges of Pakistan while the
"B" class ordinary shares, reserved for strategic |
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| investors,
are presently held by the Government of Pakistan. |
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| Financial
Performance |
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| The
Company, in its first full financial year of operations, earned a revenue of
Rs 40,594 million against Rs 18,677 million for the |
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| six
months ended 30 June, 1996. On a proportionate basis, there is an increase of
8.67% over the last accounting period. |
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| During
the year under review, PTCL, through its policy of cost controls, limited its
expenditure to 59.75% of revenue. This is 3.53 |
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| percentage
points less than the last reporting period figure of 63.28%. In absolute
terms, operating expenses were Rs 24,254 |
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| million
for the�year ended 30 June, 1997 as against Rs 11,818 million for the six
months ended 30 June 1996. |
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| The
operating profit of the Company for the financial year 1996- 97 is Rs 16,340
million. This is 40.25% of total revenue and |
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| compares
favourably with the operating profit of Rs 6,860 million (36.72%) for the six
months ended 30 June, 1996. The net |
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| profit,
after adjustment of other income of Rs 1,241 million and financial charges of
Rs 5,397 million, is Rs 12,184 million as |
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| compared
to Rs 3,841 million of the last reporting period. The Company achieved an
EBITDA of Rs 25,000 million and an |
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| Earning
per Share of Rs 2.39. |
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| Total
assets stood at Rs 116,146 million as on 30 June, 1997 as compared to Rs
104,184 million on 30 June, 1996. The gross |
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| operating
fixed assets were Rs 102,167 million on 30 June, 1997 as compared to Rs
98,813 million on 30 June, 1996. |
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| Appropriation
of Profits |
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| Your
Directors are pleased to propose the following appropriation of the profit
achieved during the year:- |
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Rupees in |
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Millions |
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| Profit
for the year |
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12,184 |
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| Un-appropriated
profit brought forward |
780 |
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---------- |
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| Profit
available for appropriation |
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12,964 |
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| Appropriations: |
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| Interim
dividend @ 7.5% |
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3,825 |
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| Proposed
final dividend @ 10% |
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5,100 |
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| Transfer
to general reserve |
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4,000 |
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---------- |
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12,925 |
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---------- |
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| Un-appropriated
profit carried forward |
39 |
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========== |
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| Transformation
of Accounting System |
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| As
mentioned in last year's report, PTCL has continued its extensive exercise to
overhaul the accounting set-up in order to develop |
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| an
efficient and reliable system that will enable the generation of correct and
timely accounting information. Concerted efforts of |
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| management
and staff have enabled the finalization of the audited accounts for the year
ended 30 June, 1997 within a much |
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| reduced
time schedule. The Directors take pride in this achievement and commend the
efforts of the management and staff who |
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| made
this possible. The accounting and management set-up of the Company still
requires extensive structural changes in order to |
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| modernize
its systems to comply with international standards and to enable the
management to use the financial information as a |
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| reliable
tool for monitoring of performance and future planning. |
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| Technical
Performance |
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| Domestic
Telecommunications |
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| Over
the last five years, capacity has expanded by 2 1/2 times and conversion of
analogue to digital switching has accelerated. |
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| The
Company has been striving to clear pending demand but due to mismatch
problems, the network has not grown uniformly. |
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| This
has resulted in the waiting list to increase to 320,000 lines. |
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| Innovation
remained the driving force for management policies. Efforts were made to
adopt new ways of communication at lower |
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| cost
with greater speed. The potentials of digital switching, fiber optics,
satellite communication and intelligent computer |
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| networks
are being exploited to offer new services in line with global standards. |
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| PTCL
has also embarked upon a mixed approach for expansion of telecom services by
harmonized efforts of the public and |
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| private
sectors. Policies for modernization, liberalization and promotion of private
sector participation were adopted. PTCL, as a |
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| prime
public sector organization, has accepted the challenge of the 21st century.
It continues to acquire the latest technology with |
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| ancillary
know-how in various fields of business. PTCL is also striving hard to
introduce a corporate culture among its ranks and |
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| expects
to make further progress in providing a spectrum of modern and useful value
added services to its customers in major |
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| business
centres of the country through its digital intelligent network. Universal
Access Number (UAN) 0800 and other modern |
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| services
were introduced for the business sector to help it in entering the domain. of
Telemarketing. |
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| Private
Sector Projects |
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| In
view of the liberalization policy being followed by the Government of
Pakistan, there are new opportunities for private |
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| investors
to enter the telecom sector for which certain services of PTCL are being
utilized. The Government of Pakistan has issued |
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| licences
for the manufacture, marketing and operation of certain Telecom equipment and
services. The private sector has |
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| responded
well and so far investment of over Rs. 8.0 billion has been made in telecom
services. Sectors and services that already |
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| stand
de- regulated in which PTCL's infrastructure/network facilities are being
utilized: |
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| *
Card Operated Pay Phone Service |
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| *
Cellular Mobile Telephone Service |
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| *
Paging Service |
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| *
Trunked Radio Taxi Cab Service |
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| *
Data Network Service |
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| *
Electronic Mail Service |
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| *
Satellite Network |
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| *
Audiorex Service |
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| *
Voice Mail Service |
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| *
Manufacture of Exchanges/PABXs |
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| *
Manufacture of Terminal Equipment. |
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| Efforts
of the private sector have been encouraging as cellular mobile, card pay
phone, radio paging services and manufacturing of |
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| digital
exchanges, PABXs, terminal equipment and other items are successfully
flourishing in a healthy competitive environment |
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| that
is contributing positively to Pakistan's economy. |
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| Service
Improvement |
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| The
continuing process for digitalizing international switching and transmission
systems will go a long way in improving service |
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| and
enhancing international revenue. Increasing digitalization ratio has
benefited customers with improved services and |
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| modernistic
features of digital technology. |
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| PTCL
has achieved a better call completion rate and lowering of fault levels.
Faults have fallen from 25 per 100 to 20 per 100 per |
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| month
and PTCL is making every effort to further bring it down to 10. The call
completion rate has improved from 38% to about |
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| 42%
during the year. Better and prompt attention is the motto and the Company is
trying to meet the challenge of responsibility of |
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| customer
care. |
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| For
efficient management of switching systems the Operation, Maintenance and
Network Management Centres are being manned |
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| round
the clock. The management of transmission network in Multi-exchange areas is
centralized through transmission NMCs. |
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| These
centres are functioning at Karachi/Lahore and new centres established at
Faisalabad, Islamabad, Gujranwala and Multan |
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| shall
also be manned in 1997-98. Computerization of inventory control creation of
database for M.I.S. was also started to improve |
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| stores
accounting. |
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| Customer
Services |
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| With
the introduction of Customer Service Centres at various places in major
cities, the service regarding billing, delivery and |
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| collection
is improving. Modern telecommunication technology and new systems are
immediately needed to achieve targets for |
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| enhancing
the potential and reliability of the Billing System. Subscribers are being
provided with duplicate bills at the Customer |
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| Service
Centres with the facility to make payments on the spot. To improve directory
assistance, a centralized and computerized |
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| directory
assistance system has been established at Lahore for directory enquiry
service. At Karachi, the directory assistance |
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| service
has been partially computerized. As of June 1997 more than 70 Customer
Centres are in service and another 42 Centres |
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| are
due for completion during the current year. Computerization of fault
management system is also planned for major cities in the |
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| country. |
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| Although
there has been some improvement in most areas, PTCL still has a long way to
go in meeting the demands of Customers |
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| particularly
in the handling of 17, 18, billing and fault management. Customers must
appreciate that the Company needs a cultural |
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| change
in its attitude towards the public and every attempt is being made to achieve
this goal - a task not easy in the current |
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| environment. |
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| International
Communications |
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| The
Company provides international telecommunication services around the globe
from any location in Pakistan. The service is |
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| extended
to over 200 countries with the help of three International Gateway Exchanges
located at Karachi and Islamabad. At |
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| present
about 4,570 international circuits are operational, supporting voice, fax,
telex, telegraph, low and high speed data services. |
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| International
lease lines are being provided to private sector providers and corporate
entities. There are three Standard "A" Earth |
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| Stations,
one F-3 and F-1 stations situated at Dehmandro in Karachi, Mallach in
Islamabad and other places. 40 major countries |
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| are
linked directly through these Earth Stations via INTELSAT Satellite.
Submarine Cable and other terrestrial links. The access |
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| to
other 160 countries is available indirectly. Currently, satellite links with
USA, UK, Kuwait, Japan, Singapore, Italy, Norway, |
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| Canada
and South Korea have been digitalised using DCME and IDR systems. Satellite
links with the rest of the countries will be |
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| fully
digitalised by early 1998. A 1,200 channel submarine cable is operating
between Pakistan-UAE with 800 circuits reserved to |
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| handle
international traffic to UK and USA. One 1,800 channel coaxial cable operates
between Lahore-Amritsar to handle |
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| telephone
traffic with India. A microwave link connects Pakistan with Iran and Turkey
through 116 channels. Similarly a 72 |
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| channel
UHF link exists with Afghanistan. |
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| With
the increased digitalization of the satellite links to major destinations and
installation of digital cross-connect system in the |
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| country
network, PTCL is now providing international lease lines to support transfer
of data upto 2 Mega bytes to facilitate high |
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| speed
internet access. The Government of Pakistan has given licences to about 40
companies in the private sector for operation of |
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| data,
internet and E-mail services, these operators are being provided
international data lines by PTCL to switch high speed traffic |
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| for
growing business needs. PTCL has plans to establish Teleport Earth Stations
to provide international services to meet the |
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| demand
of companies for the export of software, and international and national data
switched to expand the internet facilities |
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| expansion
to cater for high speed data requirements. PTCL is investing in SEA-ME-WE-III
(a Submarine Optic Fiber Cable |
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| Project)
and the ICO Satellite Project to connect the country with the international
information superhighway systems. Work is |
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| underway
to install a hub/back bone for providing intelligent data servicing. In
addition to internet expansion, the new value |
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| added
services i.e. voice mail, CLIP, CLAIR etc. are likely to be completed by the
end of the current financial year. |
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| The
Company is fully aware of the threat from the reduction in international call
charges after FCC bench-marking and the |
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| possibility
of internet telephony by 1998-99. Accordingly PTCL is adopting a
multi-dimensional strategy to fight the threat of |
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| reduced
settlements and is taking counter measures to dilute the impact on its
revenues. International telephone traffic around the |
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| globe
is growing by about 12% every year. In comparison, the growth rate of
Pakistan's International Telecom Traffic has always |
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| remained
higher and has averaged 16% during the last five years. |
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| Staff
and Management |
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| The
Directors of the Company take this opportunity to thank PTCL employees who
have put in great efforts for achieving the |
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| desired
results. Relations with the CBA continued to be cordial. The satisfactory
performance of the Company is the outcome of |
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| the
dedicated team work of all categories of staff and management. Efforts are
being made to improve the productivity and |
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| efficiency
of the Company while emphasis is also being placed on effective
management-employees relationship and better line of |
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| communications
to achieve corporate goals. |
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| A
voluntary separation of services scheme has been announced to reduce the
numbers employed in the Company. Productivity per |
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| employee
needs to be improved to bring it substantially in line with international
standards. |
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| Auditors
of the Company |
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| The
present auditors Messers A.F. Ferguson & Company, Chartered Accountants,
retire and being eligible, offer themselves for |
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| reappointment. |
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| Pattern
of Shareholding |
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| A
statement showing the pattern of holding of shares as at 30 June, 1997 is
annexed. |
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| Future
Outlook |
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| To
avoid mismatches in the switching equipment network and to accelerate the
pace of development, the Company is focusing its |
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| attention
on streamlining the planning process. Large scale digitalization and a modern
network remains the target of the |
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| Company.
Almost 97% of the new lines added this year comprised of state-of-the-art
digital systems. The Nation-wide Direct |
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| Dialling
facility has now been extended to more than 700 stations. The first Optic
Fibre Link between Karachi and Islamabad was |
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| further
extended to Peshawar in 1996. The second alternate Optic Fibre Cable from
Karachi to Islamabad is on a fast track and |
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| targeted
for completion in early 1998, which should immensely improve network
performance. |
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| In
the last report, the Directors had emphasised that the higher rate of Central
Excise Duty was the main factor for retardation of |
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| growth
in the telecom sector and that it placed too-high a burden on consumers.
PTCL, accordingly proposed a reduction in the |
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| rates
of the then Central Excise Duty. The Government accepted this proposal and a
reduction was announced in the national |
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| budget
for 1997-98. This reduction of the rate from 40% to 25% is expected to have a
positive impact on revenue growth. |
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| Furthermore
a tariff reform package, the very first since 1991, proposed by the PTCL
Board was approved and implemented on 01 |
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| July
1997. It is expected that the growth in revenue generation will accelerate at
a higher rate as compared to the previous year. It |
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| needs
to be mentioned that the PTCL tariff is still the lowest in the region. |
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| In
August 1997 PTCL borrowed US$ 250(M) from the American financial market
against securitization of its international future |
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| receivables
from US and European carriers i.e. AT&T, MCI, US Sprint, British Telecom,
Mercury, Deutche Telecom. The term of |
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| the
loan is six years including a one year grace period at a very competitive
rate of 8.42% (225 basis points above US Treasury |
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| Bills).
This securitization has established PTCL's presence and recognition in the
international financial markets. |
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| Your
Directors believe that the Company is playing an important role in supporting
the national economy by rapidly increasing |
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| telecommunication
facilities. A demand based expansion plan has been prepared to meet the
requirements of its customers and |
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| optimize
capacity utilization to improve profitability and shareholder value. Further
emphasis will be laid on quality of services, |
|
| reduced
response time to complaints, improvement in fault management and billing
system to enhance and achieve efficiency and |
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| customer
satisfaction. |
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|
For and on behalf of the
Board |
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|
(NASEEM S. MIRZA) |
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| Islamabad:
15 October, 1997 |
Chairman and Chief
Executive |
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| AUDITORS'
REPORT TO THE MEMBERS |
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| We
have audited the annexed balance sheet of Pakistan Telecommunication Company
Limited as at June 30, 1997 and the related |
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| profit
and loss account and the cash flow statement, together with the notes forming
part thereof, for the year ended June 30, 1997 |
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| and
we state that we have obtained all the information and explanations which to
the best of our knowledge and belief were |
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| necessary
for the purposes of our audit and, after due verification thereof, we report
that: |
|
|
| (a)
in our opinion, proper books of account have been kept by the company as
required by the Companies Ordinance, 1984; |
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| (b)
in our opinion: |
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| (i)
the balance sheet and profit and loss account together with the notes thereon
have been drawn up in |
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| conformity
with the Companies Ordinance, 1984 and are in agreement with the books of
account and are |
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| further
in accordance with accounting policies consistently applied; |
|
|
| (ii)
the expenditure incurred during the year was for the purpose of the company's
business; and |
|
|
| (iii)
the business conducted, investments made and expenditure incurred during the
year were in accordance with |
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| the
objects of the company; |
|
|
| (c)
in our opinion and to the best of our information and according to the
explanations given to us, the balance sheet, profit |
|
| and
loss account and the cash flow statement, together with the notes forming
part thereof, give the information required |
|
| by
the Companies Ordinance, 1984, in the manner so required and respectively
give a true and fair view of the slate of |
|
| the
company's affairs as at June 30, 1997 and of the profit and the cash flow for
the year then ended; and |
|
|
| (d)
in our opinion Zakat deductible at source under the Zakat and Ushr Ordinance,
1980, was deducted by the company and |
|
| deposited
in the Central Zakat Fund established under section 7 of that Ordinance. |
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|
|
A.F. Ferguson & Co. |
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| Lahore:
2 October, 1997 |
|
Chartered Accountants |
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|
|
|
| BALANCE
SHEET AS AT JUNE 30, 1997 |
|
|
Note |
1997 |
1996 |
|
|
|
(Rs in 000) |
|
|
| SHARE
CAPITAL ANS RESERVES |
|
| Authorised
share capital |
|
| 11,100,000,000
"A" class ordinary shares of Rs 10 each |
111,000,000 |
111,000,000 |
|
| 3,900,000,000
"B" class ordinary shares of Rs 10 each |
39,000,000 |
39,000,000 |
|
|
---------- |
---------- |
|
|
150,000,000 |
150,000,000 |
|
|
|
========== |
========== |
|
| Issued,
subscribed and paid up capital |
3 |
51,000,000 |
51,000,000 |
|
| General
reserve |
|
|
4,000,000 |
-- |
|
| Unappropriated
profit |
|
|
39,353 |
780,565 |
|
|
|
---------- |
---------- |
|
|
|
55,039,353 |
51,780,565 |
|
|
|
|
| REDEEMABLE CAPITAL |
|
4 |
3,503,358 |
3,987,015 |
|
|
|
|
| LIABILITIES
AND DEFERRED LIABILITIES |
|
|
|
| Long
term loans and other borrowings |
|
5 |
14,528,192 |
14,354,745 |
|
| Employees
retirement benefits and other obligations |
6 |
4,592,753 |
5,883,955 |
|
| Long
term security deposits from subscribers |
|
1,200,803 |
1,110,803 |
|
|
---------- |
---------- |
|
|
20,321,748 |
21,349,503 |
|
|
| CURRENT
LIABILITIES |
|
| Current
portion of Redeemable capital |
4 |
1,086,354 |
854,435 |
|
| Long
term loans and other borrowings |
|
5 |
1,924,238 |
2,089,527 |
|
| Employees retirement
benefits and other |
|
|
|
| obligations |
|
6 |
2,440,793 |
2,481,534 |
|
| Short
term borrowings |
|
7 |
10,049,851 |
7,820,229 |
|
| Creditors,
accrued and other liabilities |
8 |
9,795,611 |
10,761,300 |
|
| Dividend
payable |
|
11,985,000 |
3,060,000 |
|
|
---------- |
---------- |
|
|
37,281,847 |
27,067,025 |
|
|
---------- |
---------- |
|
| CONTINGENCIES
AND COMMITMENTS |
|
9 |
116,146,306 |
104,184,108 |
|
|
========== |
========== |
|
|
| FIXED
CAPITAL EXPENDITURE |
|
| Operating
fixed assets- tangible |
|
10 |
64,848,924 |
68,897,578 |
|
| Capital
work-in-progress |
|
11 |
20,699,382 |
11,797,468 |
|
|
---------- |
---------- |
|
|
85,548,306 |
80,695,046 |
|
|
| LONG
TERM INVESTMENTS |
|
12 |
1,357,618 |
1,046,787 |
|
| LONG
TERM LOSS |
|
13 |
1,059,399 |
975,555 |
|
| LONG
TERM DEPOSITS, PREPAYMENTS AND |
|
|
|
| DEFERRED
COST |
|
14 |
234,383 |
-- |
|
|
|
|
|
| CURRENT
ASSETS |
|
|
|
| Stores
and spares |
|
15 |
5,963,741 |
3,333,847 |
|
| Trade debts |
|
16 |
11,351,571 |
10,535,202 |
|
| Loans,
advance, deposits, prepayments & |
|
|
| other
receivables |
|
17 |
6,442,929 |
5,023,970 |
|
| Cash
and bank balances |
|
18 |
4,188,359 |
2,573,701 |
|
|
---------- |
---------- |
|
|
27,946,600 |
21,466,720 |
|
|
|
---------- |
---------- |
|
|
116,146,306 |
104,184,108 |
|
|
========== |
========== |
|
|
Chairman |
|
Director |
|
|
|
| PROFIT
AND LOSS ACCOUNT FOR THE YEAR TO JUNE 30, 1997 |
|
|
|
|
|
|
December |
|
|
|
Year to |
31, 1995 |
|
|
|
June 30, |
to June |
|
|
|
1997 |
30, 1996 |
|
|
|
Note |
(Rupees in thousand) |
|
|
|
|
| Revenue |
|
19 |
40,593,861 |
18,677,328 |
|
|
|
|
|
| Operating
costs |
|
20 |
24,253,830 |
11,817,572 |
|
|
|
|
---------- |
---------- |
|
| Operating
profit |
|
|
16,340,031 |
6,859,756 |
|
|
|
|
|
