Lahore October 4 2022: WorldCall Telecom Limited (WTL) technology transformation project is progressing as per plan. After completion of pilot project of Fiber to The Home (FTTH), we have embarked on 2nd phase of FTTH conversion.
To finance next phase of the program; as informed by our Parent Company, Worldcall Services (Pvt.) Limited (WSL), is concluding arrangements that would open access to quality capital markets outside Pakistan for the Company. WSL has selected National Association of Securities Dealers Automated Quotations Stock Market (NASDAQ) for its listing.
“Divulging in the unknown has been a go to forte for this exciting enterprise over the years with investments in lucrative startups, potentially prosperous conglomerate ventures a regular feature and will continue to be; thereby eliminating overdue reliance on core businesses; lending the latter added leeway to thrive, meanwhile attaining status of force to reckon with on their own” says Company Chairman Syed Salman Ali Shah.
The Company taking precedence from unprecedented success last year kept embarking on unpenetrated potentially promising business endeavors. This transitional shift in business ideology is evident from business collaborations to synergize resources and technical acumen, MOUs for promotion of education and skill development in rural underprivileged areas to provide equal opportunities platform that transcends inherent limitations.
Management of the Company remains unperturbed by the net losses reported as EBITDA is positive reinforced by the capitalist approach adopted through strategic alliances and well thought out investments in startups. Their beliefs are founded on Company's manifested legacy of opening new avenues for revenue generation through technological innovation, pattern analysis in IT/ Communication sector gauged through changes in global macroeconomic variables and deployment of dedicated resources for R & D. These systematic and methodical investments over the course of last fiscal year and counting continue to denominate in alternative revenue streams and motivate management to dig deeper.
Although contributing lion's share to FDI in the country, IT/ Telecom sector assumes the undeserving role of unexplained neglect, suffers at the hands of divergent regulatory policies where on the contrary it needs stringent facilitation to take the nation forward by persistent and upwards contribution towards national exchequer.
The External Auditors have given their unqualified opinion on the financial statements of the parent company, on standalone basis, for the year ended December 31, 2021 wherein they have given a 'Material Uncertainty relating to Going Concern' para on going concern indicating that the Company has accumulated losses of Rs. 14,023 million and current liabilities exceeds current assets by Rs. 6,324 million.