Lahore: Worldcall Telecom Limited disclosed its financial results for the first half of 2024, reporting significant losses as detailed by the board of directors during their meeting on August 26 in Lahore. The results, marked by consistent operational challenges, reveal no dividends or shares distribution to investors, indicating a continued focus on stabilizing the company's financial footing.

During the first half of the year, Worldcall Telecom’s consolidated revenue stood at PKR 2.29 billion, a notable increase from PKR 1.33 billion in the same period last year. Despite this growth in revenue, the company's losses before taxation widened to PKR 723.82 million from PKR 1.15 billion reported in the first half of 2023.

The company's operating costs, along with depreciation and finance costs, remained substantial, contributing to a net loss of PKR 750.55 million, an increase from the PKR 1.16 billion loss incurred during the same period last year. Basic and diluted loss per share also reflected this downturn, standing at PKR 0.15, similar to the previous year’s figures.

According to information available from the Pakistan Stock Exchange (PSX), the standalone financial results mirrored this negative trend, with the company reporting a net loss of PKR 747.71 million for the half-year ended June 30, 2024. The quarter specifically saw a net loss of PKR 303.21 million.

No cash dividends, bonus shares, or rights shares were declared, underlining the company's strategic decision to withhold payouts amidst ongoing financial restructuring. This decision comes as Worldcall Telecom continues to navigate a challenging economic environment marked by higher operational costs and fluctuating revenue streams.

The detailed report for the half-year and second quarter of 2024 will be distributed through PUCARS within the specified timeframe, as the company continues to assess its strategic options moving forward.