Wednesday, October 16 2024

PTCL quarterly loss surges to Rs15.3bn
Despite a 15.3 per cent growth in revenues, the Pakistan Telecom­m­unication Company Ltd (PTCL) on Tuesday announced net loss widened by 41pc to Rs15.3 billion in the third quarter of calendar year 2024 compared to Rs10.82bn in the same period of 2023. In a meeting, the board of directors reviewed the financial result and acknowledged PTCL Group’s revenue growth to Rs160.6bn during the July-September period. The meeting noted that the revenue growth was mainly driven by solid performance in the consumer segment led by fixed broadband, mobile data, and wholesale and business solutions. The company said PTCL’s aggressive deployment of Fiber-to-The-Home (FTTH) was the cornerstone of top-line growth.
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Monday, October 14 2024

To BE(V) or not to BE(V)
Let’s be honest: battery electric vehicles (BEVs) or just pure electric vehicles (EVs) are hyped up everywhere, thanks to Tesla and the Chinese EV brands. People are talking about how they are the future, how they’ll save the environment, and how they’ll revolutionise car ownership. But here’s the burning question for us: Is Pakistan even ready for EVs, or are we chasing a dream that’s too big for us right now? Sure, BEVs and EVs sound fantastic on the internet. They don’t burn fossil fuels, they’re supposedly better for the environment with zero tailpipe emissions, and most EV-producing companies claim users will save money in the long run.
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From cash to clicks as digitisation increases
Over the last few years, Pakistan’s banking has reaped massive profits on the back of the sovereign’s ever-growing fiscal needs. In the process, it has drawn the ire of everyone, including the International Monetary Fund in the latest Article IV report, for depending on the government. However, one area where the sector seems to have done well, at least in relative terms, is in digitalisation as far as payments are concerned, as shown by the numbers in the latest Annual Payment Systems Review (PSR) FY24 by the State Bank. In this regard, FY24 was no different as digital transactions continued not only in absolute terms but also as part of the overall piece. Their shares in throughput and volumes reached 13.4 per cent and 52.4pc in the outgoing fiscal year, compared to just 2.6pc and 16.9pc in FY20.
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Monday, October 07 2024

Convoluted intrigues of venture capital funding
In the world of startups, attention spans are usually short-lived, just like the apps they build out. One day, you’d be a star, getting media attention left right and centre, speaking at conferences and being named in the Forbes 30 under 30. The following month, you could be facing legal proceedings on charges of fraud. Yet, one company has managed to keep everyone hooked for close to two years now; perhaps this is actually OpenAI’s biggest achievement so far and not GPT. After launching the chatbot, it became the fastest startup to hit a billion users, and even faster in abandoning the non-profit ethos. Last week was more of the same. First, chief technology officer Mira Murati, along with two other executives, left the company, continuing the leadership exodus. However, shortly after, OpenAI raised $6.6 billion in fresh funding at a valuation of $157bn, becoming the third most valuable venture capital-backed entity on the planet. Only SpaceX and TikTok parent, ByteDance, are worth more.
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Tuesday, October 01 2024

CCP begins review of PTCL-Telenor merger
Amid objections from stakeholders in the telecom sector, the Competition Commission of Pakistan (CCP) on Monday held the first hearing for Phase II review of the PTCL’s 100 per cent acquisition of Telenor Pakistan (Pvt) Ltd (TP) and Orion Towers Pvt Ltd (OT). The hearing was presided over by CCP Chairman Dr Kabir Ahmed Sidhu, along with members Salman Amin and Abdul Rashid Sheikh. Senior Counsel and former CCP chairperson Rahat Kaunain Hassan represented PTCL and emphasised the transaction would bring significant economic benefits and growth opportunities. During the hearing, PTCL President Hatem Bamatraf, Group CEO Robert Middlehurst, and PTCL’s senior management shared insights into the merger. The review examined the market share dynamics and potential risks of market concentration and encouraged stakeholders to provide their input.
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Related symbols: ptc (news stock)