| Pakistan Telecommunication Company Limited |
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| Annual
Report 2001 |
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| CONTENTS |
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| Company
Information |
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| Notice
of Sixth Annual General Meeting |
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| Directors'
Report |
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| COMPANY
ACCOUNTS |
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| Auditors'
Report |
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| Balance Sheet |
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| Profit
and Loss Account |
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| Statement
of Changes in Equity |
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| Cash
Flow Statement |
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| Notes
to the Accounts |
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| CONSOLIDATED
ACCOUNTS |
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| Auditors'
Report |
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| Balance Sheet |
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| Profit
and Loss Account |
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| Statement
of Changes in Equity |
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| Cash
Flow Statement |
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| Notes
to the Accounts |
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| Pattern
of Shareholding |
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| COMPANY
INFORMATION |
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| BOARD
OF DIRECTORS |
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| Akhtar
Ahmad Bajwa |
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Zafar Ali Khan |
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| Chairman, |
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Managing Director, |
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| Pakistan
Telecommunication Co. Ltd. |
Private Power &
Infrastructure Board, |
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Ministry of Water &
Power |
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| Muhammad
Yunis Khan |
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Arshad Mahmud |
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| Secretary
Finance, |
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Member (Finance), |
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| Government
of Pakistan |
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Pakistan
Telecommunication Co. Ltd. |
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| Maj.
Gen. Muhammad Tariq |
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| Signal
Officer-in-Chief, GHQ |
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| Syed
Mazhar Ali |
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Dr. Altamash Kamal |
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| Chairman,
IT Commission |
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CEO, Xibercom |
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| Fakir
S. Aijazuddin |
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Zafar I. Usmani |
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| Chairman,
Lahore Arts Council |
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CEO, Mobil Askari
Lubricants Ltd. |
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| Asghar
D. Habib |
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R.D. Ahmed |
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| Chairman,
Habib Sugar Mills |
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Partner, ORR Dignam &
Company |
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| Dr.
Avais Kamal |
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| Technical
Director, LTG |
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| Syed
Zahoor Hassan |
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| Ph.D.
Professor & Dean, |
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| Lahore
University of Management, |
COMPANY SECRETARY |
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| Sciences
(LUMS) |
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Iftikhar Ahmad Bashir |
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| Company's |
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Akhtar Ahmad Bajwa,
Chairman & Member (Operations) |
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| Management |
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Iftikhar Ahmed Raja,
Member (Administration) |
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Arshad Mahmud, Member
(Finance) |
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Noor-uddin Baqai, Member
(Tech) & Director General (SBP) |
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Muhammad Nehmatullah
Toot, Director General (Accounts) |
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M. Mashkoor Hussain,
Director General (Intl. Communication) |
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Capt. Zahir M. Khan,
Director General (ITT&R) |
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Muhammad Arif, Director
General (Developmen0 |
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Tanvir Ahmad, Director
General (Operations North) |
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Irfan Ali Khan, Director
General (Operations South) |
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Shah Muhammad Chaudhary,
Director General (Finance) |
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M. Sadiq Khokhar,
Director General (Revenue) |
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Muhammad Ikram Khan,
Director General (Operations) Central |
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Wasiq Mahmood, Director
General (Marketing and Customer Care) |
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| Company
Secretary |
Iftikhar Ahmad Bashir |
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| &
Legal Advisor |
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| Auditors |
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A.F. Ferguson & Co.,
Chartered Accountants |
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| Bankers |
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ABNAMRO Bank |
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Standard Chartered
Grindlays Bank Ltd. |
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Union Bank |
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Citibank N.A. |
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Deutsche 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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| Share
Registrars |
Khalid Majid Husain
Rahman |
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First Floor, Modern
Motors House, |
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Beaumount Road, Karachi-
75530, Pakistan. |
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Tel.: +92-21-5210516-7,
5210736, 5210765. |
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Fax: +92-21-5210626,
5688834. |
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| Registered |
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Block-E, PTCL
Headquarters, G-8/4, |
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| Office |
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Islamabad-44000,
Pakistan. |
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Tel: +92-51-2263732-4 |
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Fax: +92-51-2263 733 |
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E-mail:
secptcl@isb.paknet.com.pk |
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| NOTICE
OF THE SIXTH ANNUAL GENERAL MEETING |
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| Notice
is hereby given that the Sixth Annual General Meeting of Pakistan
Telecommunication Company Limited will be |
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| held
on Saturday, 29th December, 2001 at 9:30 a.m. at the S.A. Siddiqui
Auditorium, Old Building, PTCL Headquarters, |
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| G-8/4,
Islamabad, to transact the following business: |
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| Ordinary
Business: |
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| 1.
To receive, consider and adopt the Audited Accounts for the year ended 30th
June, 2001, together with the |
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| Auditors'
and Directors' reports. |
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| 2.
To approve the cash dividend @ 24% i.e. Rs. 2.40/- per share for the year
ended 30th June, 2001 as |
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| recommended
by the Board of Directors. |
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| 3.
To appoint Auditors for the year ending 30th June, 2002 and to fix their
remuneration. The retiring Auditors |
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| Messrs
A.F. Ferguson & Co., Chartered Accountants, being eligible, offer
themselves for reappointment. |
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| Special
Business: |
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| 4.
To consider and pass the following resolutions under section 208 of the
Companies Ordinance, 1984. |
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| i)
RESOLVED THAT Pakistan Telecommunication Company Limited (The Company) be and
is |
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| authorized
to invest an aggregate sum of Rupees One Hundred and Fifty Million, in cash
or in kind (assets |
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| and
promotional expenses), in Fifteen Million Ordinary Shares of Rupees Ten each
in Paknet Limited, |
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| a
wholly owned subsidiary of the Company. Such investment to be made in one
lump sum or in |
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| tranches
as deemed fit by the Board of Directors of the Company. |
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| ii)
RESOLVED THAT Pakistan Telecommunication Company Limited (The Company) be and
is |
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| authorized
to invest an aggregate sum of Rupees One Thousand Five Hundred Million, in
cash or in kind |
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| (assets
and promotional expenses), in One Hundred Fifty Million Ordinary Shares of
Rupees Ten each of |
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| Pak
Telecom Mobile Limited, a wholly owned subsidiary of the Company. Such
investment to be |
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| made
in one lump sum or in tranches as deemed fit by the Board of Directors of the
Company. |
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| iii)
RESOLVED THAT Pakistan Telecommunication Company Limited (The Company) be and
is |
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| authorized
to invest and aggregate sum of Rupees Three thousand million, in cash or in
kind (assets and |
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| promotional
expenses) in Pak Telecom Mobile Limited (PTML), a wholly owned subsidiary of
the |
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| company,
in the form of Long Term Loan. Such investment to be made in one lump sum or
in tranches as |
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| deemed
fit by the Board of Directors of the Company by extending a credit line. The
Board of Directors of |
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| the
Company are also authorized to settle the terms and conditions of this loan
in line with the terms and |
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| conditions
which PTML will otherwise commit with the banks. |
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| 5.
To consider and pass the following resolution: |
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| i)
RESOLVED THAT Pakistan Telecommunication Company Limited (The Company) be and
is hereby |
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| authorized
to transfer PTCL land approximately 611 Kanals (Khasra No. 1175, Village
Pandak, the area |
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| measured
167 Kanals and Khasra No. 1149, Village Tullukar, the area measured 444
Kanals) in lieu of the |
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| property
being surrendered by NRTC outside the boundary limits of the said land, to
the NRTC on |
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| ownership
basis for consideration and as per vesting principles keeping in view the
sensitivity of the |
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| manufacturing
activity for defense purposes. |
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| 6.
To transact any other business with the permission of the Chair. |
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| Statement
under section 160(1)(b) of the Companies Ordinance, 1984 is being sent to the
shareholders with the notice of |
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| meeting. |
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BY ORDER OF THE BOARD |
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| Islamabad |
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Iftikhar Ahmad Bashir |
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| Dated:
1st December, 2001. |
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Company 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 Company at . |
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| 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 20th December,
2001 to 29th December, 2001 |
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| (both
days inclusive) for the purposes of the Sixth Annual General Meeting. |
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| 3.
Members are requested to notify any change in address immediately to the
Shares Registrars Messrs Khalid |
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| Majid
Husain Rahman, First Floor, Modem Motors House, Beaumont Road, Karachi. |
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| 4.
Any individual Beneficial Owner of CDC, entitled to vote at this meeting,
must bring his/her original NIC with |
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| him/her
to prove his/her identity, and in case of proxy, a copy of shareholder's
attested NIC must be attached |
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| with
the proxy form. Representatives of corporate members should bring the usual
documents required for such |
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| purpose. |
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| Statement
under section 160(1)(b) of the Companies Ordinance, 1984. |
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| This
statement sets out the material facts concerning the Special Business to be
transacted at the Sixth Annual |
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| General
Meeting of the Pakistan Telecommunication Company Limited to be held on
December 29th, 2001. |
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| Approval
of Shareholders will be sought for investment in the following subsidiaries
of the Pakistan |
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| Telecommunication
Company Limited. |
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| Investee
Company: |
Paknet Limited |
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| Amount
of Investment: |
Rs. 150,000,000 in
15,000,000 ordinary shares of Rs. 10 each of Paknet limited. |
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| Purchase
price of Shares: |
Rs. 10 each |
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| Source
of Funds: |
Retained Earnings |
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| Period
of Investment: |
Permanent capital in the
wholly owned subsidiary of PTCL having an authorized |
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capital of Rs.
350,000,000 represented by 35,000,000 ordinary shares of Rs. l0 |
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each and a paid up
capital of Rs. 50,000,000. |
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| Purpose
of Investment: |
Paknet has been carrying
out Data and Internet Service Providers (ISP) business |
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since March, 1999.
Presently it serves about 76,000 internet customers in almost all |
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major cities of Pakistan,
in addition to provision of data services. There are about 50 |
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data operators and major
ISPs in the market besides Paknet. Additional amounts are |
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required to Paknet for
modernizing its network and smooth functioning of existing |
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operations. |
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| Benefits: |
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In view of major
competition in the market and to meet the challenges of new |
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technologies, it is
essential to bring new systems and expansion in the network for |
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which sizeable amounts
are required. Due to low paid up capital, it is not possible to |
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obtain the loans from
banking sector. Information technology and internet services |
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around the world are
growing at an unprecedented rate of 40-50%. Pakistan has |
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also a tremendous growth
in this sector. Insertion of additional paid up capital by |
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PTCL will help the
Company to raise further funds through loans, improve its |
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technologies and expand
its network. This will ultimately be a source of increased |
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profitability for the
company. |
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| Investee
Company: |
Pak Telecom Mobile
Limited |
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| Amount
of Investment: |
Rs. 1,500,000,000 in
150,000,000 ordinary shares of Rs. 10 each. |
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| Purchase
price of Shares: |
Rs. 10 each |
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| Source
of Funds: |
Retained Earnings |
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| Period
of Investment: |
Permanent capital in the
wholly owned subsidiary of PTCL having an authorized |
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capital of Rs.
4,000,000,000 represented by 400,000,000 ordinary shares of Rs. 10 |
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each. Existing Paid up
Capital of PTML is Rs. 2,000,000,000 represented by |
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200,000,000 ordinary
shares of Rs. 10 each. |
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| Purpose
of Investment: |
Consequent upon the
permission granted by PTA to operate a cellular phone |
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network in Pakistan along
with the other three operators in Pakistan, a company |
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under the name of Pak
Telecom Mobile Limited was established. In order to |
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expand the network of
PTML, a new project is under process which requires the |
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total funding of Rs.
4,500 million out of which Rs. 1,500 million is to be injected in |
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the form of equity. |
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| Benefits: |
|
The world
telecommunication sector is gearing towards wireless communication. |
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The mobile business has
big growth potential. In some countries it has grown so fast |
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|
that the level of mobile
penetration has crossed fixed line levels (e.g. Finland and |
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|
Sweden). In this
background of growth, it was essential for PTCL to establish itself |
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in the cellular phone
business before the exclusivity on the fixed telephony expires. |
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Introduction of U-fone in
the major cities of Pakistan received an unprecedented |
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response and within a
very short time, already available capacity exhausted. In |
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view of heavy demand of
U-fone and also to provide the connectivity in the whole |
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country, it is essential
to expand the existing network. It is expected that this |
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|
expansion project will
not only increase the profitability of the company but also |
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help PTCL to face the
challenge of exclusivity expiry. |
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| Investee
Company: |
Pak Telecom Mobile
Limited |
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| Amount
of Investment: |
Rs. 3,000,000,000 |
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| Source
of Funds: |
Retained Earnings |
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| Nature
of Investment: |
Long term loan to be
extended to the wholly owned subsidiary of PTCL having an |
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authorized capital of Rs.
4,000,000,000 represented by 400,000,000 ordinary |
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shares of Rs. 10 each.
Existing Paid up Capital of PTML is Rs. 2,000,000,000 |
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represented by
200,000,000 ordinary shares of Rs. 10 each. |
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| Terms
& Conditions: |
PTCL will extend the
credit line of Rs. 3 Billion on the same terms and conditions |
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which PTML will otherwise
commit with the banks. Detailed terms and conditions |
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|
will be settled with PTML
after the necessary approval by the Boards of PTML and |
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|
PTCL. |
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| Purpose
of Investment: |
Consequent upon the
permission granted by PTA to operate a cellular phone |
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|
network in Pakistan along
with the other three operators in Pakistan, a company |
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|
under the name of Pak
Telecom Mobile Limited was established. In order to |
|
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|
expand the network of
PTML, a new project is under process which requires the |
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|
total funding of Rs.
4,500 million out of which Rs. 1,500 million is to be injected in |
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|
the form of equity and
remaining amount of Rs. 3,000 million is to be provided by |
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|
PTCL as a long term loan. |
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| Benefits: |
|
The world
telecommunication sector is gearing towards wireless communication. |
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|
The mobile business has
big growth potential. In some countries it has grown so fast |
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|
|
that the level of mobile
penetration has crossed fixed line levels (e.g. Finland and |
|
|
|
Sweden). In this
background of growth, it was essential for PTCL to establish itself |
|
|
|
in the cellular phone
business before the exclusivity on the fixed telephony expires. |
|
|
|
Introduction of U-fone in
the major cities of Pakistan received an unprecedented |
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|
|
response and within a
very short time, already available capacity exhausted. In |
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|
|
view of heavy demand of
U-forte and also to provide the connectivity in the whole |
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|
|
country, it is essential
to expand the existing network. It is expected that this |
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|
expansion project will
not only increase the profitability of the company but also |
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|
help PTCL to face the
challenge of exclusivity expiry. PTCL has a surplus liquidity |
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|
which is placed at low
interest rates. This investment will give PTCL an |
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|
opportunity to earn
reasonable return on its investment. |
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| Transfer
of PTCL Land to National Radio Telecom Corporation (NRTC) |
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| Brief
Description: |
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| 1.
Khasra No. 1175-VillagePandak (167 Kanals) |
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| 2.
Khasra No. 1149-Village Tullukar (444 Kanals) |
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| Prior
to privatization of PTCL, the land of PTCL (owner) may be transferred to NRTC
(transferee), which they |
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| have
occupied since 1965-66 (in erstwhile T&T Complex) at Haripur. In response
to demand of NRTC, a meeting was |
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| held
on 30th August 2001 in the office of the Secretary (IT & Telecom
Division), the principle shareholders to sort out the |
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| issue
of transfer of land of PTCL to NRTC. The Secretary (IT & Telecom
Division) chaired the meeting and it was agreed |
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| upon
in principle that the land would be transferred to NRTC on ownership basis
for consideration and as per vesting |
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| principals
keeping in view the sensitivity of the manufacturing activity for defense
purposes. It was further resolved that |
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| in
view of the defense oriented nature of work of the NRTC and the desirability
of unhindered functioning of NRTC, the |
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| said
land should be transferred (on cost) to NRTC by PTCL in lieu of the property
being surrendered by NRTC. |
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| All
the expenditure involved in the legal documentation for transfer of land will
be born by the NRTC. |
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| PTCL
Board of Directors in the meeting held on October 25th, 2001 have also
accorded approval of transfer of |
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| the
said PTCL land to NRTC. |
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| DIRECTORS'
REPORT |
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| The
Directors of PTCL take pleasure in presenting to its shareholders, the Annual
Report and the Audited |
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| Accounts
of Pakistan Telecommunication Company Limited for the year ended 30 June,
2001. |
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| Company
Overview: |
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| The
telecommunication sector around the world is going through a process of rapid
change. Information |
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| technology,
Internet, Mobile Communications, convergence and new stream of value added
services are changing the |
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| basic
complexion of telecom service. The changes in technology and the wave of
liberalization and deregulation have |
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| even
transformed the basic character of the telecom business. As a result, every
telecommunication company (telco) in |
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| the
world has been confronted with new challenges of restructuring and change
especially since last decade. In-line with |
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| the
global trends and for meeting the emerging demand, major policy initiatives
have been taken by your Company to |
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| change
the direction of the business, upgrade its network, introduce range of new
value added services, develop |
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| portfolios
of information technology, internet and bandwidth related services to
diversify and enhance the revenue |
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| potential
of your Company. |
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| For
years now, the telecommunications sector has been marked by fast growth and
rapid changes driven by |
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| three
parallel and closely related factors i.e. globalization, accelerated
technological changes and the unrelenting |
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| reconfiguration
of the business. Realizing this challenge, the Board and the Management of
the Company has worked |
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| hard
to keep the Company up-to-date with the new challenges for Public Switched
Telephone Network (PSTN) and |
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| Public
Switched Data Network (PSDN). Growth of mobile telephony, introduction of
VoIP technology and portfolio of |
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| bandwidth
services are some of the new areas where PTCL has ventured directly or
through partnerships. |
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| Your
Company is taking both short-term and long-term view of emerging trends of
highly competitive markets |
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| as
its monopoly is coming to an end. Analyzing all the possible options, your
Company is systematically, introducing |
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| new
services, adopting new technologies to maintain the leading role in the
sector and preserve its dominant position in |
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| the
industry. The Company likes to reiterate that it will continue to play a
prominent role in Telecom sector of Pakistan. |
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| Adoptions
of new technologies and the design of new service portfolio is inescapable as
these offer tremendous |
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| opportunities.
Historically, telecommunication companies have always had to innovate,
staking enormous investments |
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| on
futuristic developments. The results are generally impressive. Without new
investments, level of development of |
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| societies
would be unthinkable. It is our firm belief that investment in new
technologies and businesses will finally lead |
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| us
to high-tech developed stage of telecom business coping with worldwide
trends. We hope your Company shall be able |
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| to
play its role effectively in the face of open and competitive market. |
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| Tariff
Rationalization: |
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| One
of the most important aspects of the forthcoming competitive environment is
pricing and terrifying of |
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| products
and services. The new paradigm would require cost-based services with
thin-profit margins but higher |
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| volumes.
Inherently PTCL services were not cost-based. There were in-built subsidies
and long distance calls, both |
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| domestic
and international, were highly priced. The Company, therefore, evolved
strategies of gradual price |
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| rationalization.
It heavily depended on support derived from forex settlement revenue due to
imbalance of out bound to |
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| inbound
international traffic. Global competition is driving Total Accounting Rates
(TAR) to be lower year by year. The |
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| TAR
for international telephone calls continued to be reduced during the current
financial year also. This trend is mainly |
|
| due
to competitive international market, which has further been supplemented by
FCC accounting benchmarks. The |
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| situation
is further compounded by WTO regime under which global telecom markets are to
be opened up under |
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| telecommunication
agreement signed in February 1997. The liberal market provisions will also
apply to Pakistani |
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| markets
effective from January 2003. Reduction in Accounting Rates is, however,
partly compensated by growth in |
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| incoming
traffic that was over 15% this year as compared to 1999-2000. To minimize the
impact of declining TAR, the |
|
| Company
has been endeavoring to diversify its portfolio of services, expand circuit
capacity with other countries, |
|
| improve
call success ratio and add new subscriber line to enhance international
traffic. |
|
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| To
offset the pressure of reducing international settlement rates and be in-line
with global trends, domestic and |
|
| International
Leased Circuits Rates have gone through continuous rationalization since
1997. This process continued |
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| this
year also with much higher reduction. Rates for Domestic Leased Lines were
reduced by 40-50%, whereas 50-70% |
|
| reduction
took place in International Leased Circuits rates. The line rent and local
call charges were last raised in August |
|
| 2000.
A fresh proposal has been submitted to the concerned authorities for
rationalizing tariffs, which is in-line with |
|
| international
trends to gradually remove all built4n cross subsidies in the coming years.
This year GOP notified price cap |
|
| formula
to regulate price rebalancing prior to opening of the market for basic
telephony in 2003. This formula provides |
|
| certainty
to PTCL and other PSTN operators about tariff rebalancing and inflation
related adjustments in the present and |
|
| post
exclusivity scenario. |
|
|
| Following
are the highlights of major tariff initiatives taken during the year: |
|
|
| *
Reduction in NWD and overseas call rate upto 15% and 25% respectively with
special Ramzan and Hajj |
|
| Packages. |
|
| *
CLI activation charges reduced from Rs. 300/- to Rs. 100/- and monthly
charges reduced from Rs. 50 to Rs. 30 |
|
| *
PTCL drastically reduced domestic leased line tariffs for corporate, ISPs
& data operators from December |
|
| 2000.
Reduction was upto 50% for various bit rates. |
|
| *
International bandwidth tariffs last reduced by 53% in May 2000. These were
further reduced by 25% in Sept 2000. |
|
| *
New Tariffs at the rate of US$6,000/E1/month for Software Houses and Call
Centers have been introduced. |
|
| Same
rate is also applicable for educational institutions & universities
(approved by the University Grants |
|
| Commission). |
|
| *
International voice call charges were also reduced by 25%. |
|
|
| Financial
Performance: |
|
| During
the year under review, the Company generated a total revenue of Rs.62.04
billion as against Rs.58.64 |
|
| billion
of the last year showing an increase of Rs.3.40 billion or 5.8 % inspire of
general slump in the economy and |
|
| stagnation
in industrial activities. Operating expenses were limited to Rs.31.46 billion
as against Rs.33.30 billion for the |
|
| last
year. Operating expenses proportion to revenue favorably improved as compared
to last year due to effective cost |
|
| control
measures. |
|
|
| Operating
profit for the year under review has been Rs.30.58 billion or 49.3 % of total
revenue as compared to |
|
| Rs.25.34
billion of the last year representing 43.2% of total revenue. Other income
for the year arrived at Rs. 1.55 billion |
|
| as
against Rs. 1.30 billion of the last year showing an increase of 18.7 %. Due
to better financial control, financial charges |
|
| declined
significantly ( 19.3 %) during the year under review and came down to Rs.3.16
billion from Rs.3.92 billion of |
|
| the last year. |
|
|
| After
adjustment of other income and financial charges, the profit before tax
arrived at Rs.28.97 billion as |
|
| against
Rs.22.73 billion, a remarkable increase of Rs.6.24 billion (27.5 %) over last
year. The main reason for this |
|
| increase
was overall increase in revenue, decline in operating cost and financial
charges. After provision of tax for the |
|
| assessment
year 2001-02 amounting to Rs. 10.81 billion, the net profit after tax arrived
at Rs. 18.15 billion as against |
|
| Rs.
13.33 billion of last year. |
|
|
| The
net operating fixed assets were Rs.82.04 billion as compared with Rs.74.30
billion of last year, a net |
|
| addition
of Rs.7.74 billion in the operating assets. To meet with the ever-increasing
demand, replacement of EMD lines |
|
| with
digital ones and to further improve the telecom facilities for the general
public, an amount of Rs.8.30 billion was |
|
| invested
in the expansion of telecom network during the year under review. |
|
|
| Total
current assets stood at Rs.41.81 billion as at 30 June, 2001 as compared with
Rs.40.07 billion as at 30 June |
|
| 2000
revealing an increase of 4.3%. This is mainly attributable to 4.2 percent
increase in Cash and Bank Balances that |
|
| stood
at Rs. l 7.39 billion against Rs. 16.68 billion of the last year. Stores
& Spares also witnessed a declining trend during |
|
| the
year and dropped to Rs.2.07 billion as against Rs.2.45 billion of last year.
Trade debts revealed a nominal increase by |
|
| 2.7%,
over the last year. However, the percentage increase in trade debts was much
less than 5.8% increase in revenue |
|
| over
the previous year. |
|
|
| Total
current liabilities stood at Rs. 46.86 billion, as against Rs. 41.70 billion
at 30 June, 2000. Although, there |
|
| is
decline in current maturity in long term loans, other liabilities and short
term borrowings, however due to increase in |
|
| provision
for taxation and increase in dividend payable, the current liabilities
revealed an increase of Rs. 5.16 billion |
|
| over
the last year. During the period under review, long-term liabilities were
reduced to Rs. 24.01 billion from Rs. 35.58 |
|
| billion. |
|
|
| Paid
up capital remained unchanged at Rs. 51 billion. Reserves and Un-appropriated
profit stood at Rs. 17.90 |
|
| billion
improving the total shareholders equity to Rs. 68.90 billion from Rs. 61.82
billion. Break-up value per share |
|
| increased
to Rs. 13.51 from Rs. 12.12 of the last year. |
|
|
| Earning
per share arrived to Rs.3.56 from Rs.2.61 revealing an increase of 36.4% per
share over the last year. |
|
| PTCL
is paying constantly cash dividends to its shareholders since its
incorporation. The Board has recommended a cash |
|
| dividend
of 24% per share as against 22.5% per share of last year. |
|
|
| Technical
and Operational Performance |
|
| Despite
an overall sluggish economic activity in the country, PTCL continued its pace
of development with a |
|
| view
to increase teledensity and enhance other telecom facilities in the country.
These activities are discussed in the |
|
| succeeding
paras. |
|
|
| Current
Year's Achievement and Future Plans: |
|
|
|
|
|
Current Year |
Next Year |
|
|
|
|
(2000-01) |
(2000-02) |
|
|
| *
New telephone connections |
|
396,000 |
450,000 |
|
| *
Total new digital telephone exchange lines installed |
