Karachi November 1 2021: Term Finance Certificates (TFC’S) issued by the Telecard Limited has been restructured effective from October 2021, as per the company’s management.
Under the restructuring terms, the principal amount is redeemable over 20 equal quarterly instalments beginning from March 31,2022.
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However, in the event that the Company is successfully able to execute Offer for Sale (“OFS”) of its wholly owned subsidiary, Supernet Limited, and the proceeds from such OFS are equal to or exceed PKR 250 million, then the three quarterly installment of principal that fall due after the said listing would be immediately paid in a bullet payment.
Further, the mark up accrued till December 31,2020 is frozen and the profit accruing post restructuring shall be paid in eight quarterly instalments starting from March 31, 2027 . These TFC’S carry mark-up at the rate of three months KIBOR. These are secured against a specific charge over the fixed assets (excluding land and buildings) of the Company, aggregating to PKR 800 million and specific charge over the intangible assets (frequency spectrum) procured from the PTA.
Telecard revenue for the period ended September 30,2021 was PKR 330 million as against the revenue of PKR 310 million for the corresponding financial period, the increase in revenue is due to increase in other revenue streams.
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Company direct cost was higher when compared with similar period of the preceding financial year due to network media charges. Company has posted Gross Profit of PKR 153 million compared to a Gross Profit of PKR 145 million last time due to the foregoing reasons.
The administrative and distribution cost was higher when compared with the corresponding financial period. Finance cost for the period under review was lower when compared with similar period of the preceding financial year due restructuring of the Term Finance Certificates.
The Company incurred a profit after taxation of PKR 65 million as against a profit after taxation of PKR 24 million during the corresponding financial period. The profit per share stood at PKR 0.21 compared to a profit of PKR 0.08 last time.
On a consolidated basis the Telecard posted revenue of PKR 898 million as against revenue of PKR 904 million for the corresponding-financial period. Company direct c6st for the period was lower in comparison with the preceding financial period. Company has posted Gross Profit of PKR 337 million compared to a Gross Profit of PKR 232 million for the preceding financial period.
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The administrative and distribution cost was higher in comparison with the corresponding period, Finance cost for the period under review was lower when compared with the preceding financial period.
On a consolidated basis the Company posted a profit after taxation of PKR 98 million as against a loss of PKR (8) million for the corresponding period. The profit per share stood at PKR 0.31 as against a loss of PKR (0.03) last time.
