ISLAMABAD: Pakistan Telecommunication Company Limited (PTCL), the country’s leading telecom, information and communication technology (ICT) services provider, announced its financial results for the year ended on December 31, 2016 at its board of directors meeting held in Islamabad on Wednesday. Operating profits for the PTCL Group registered a 53% increase during 2016 as compared to last year. The group revenue stood at Rs 117.2 billion and with effective cost optimisation measures, the operating expenses of the group were reduced by 3%. With the objective to align the resources with the current market challenges, PTCL implemented a Voluntary Separation Scheme (VSS) during 2016 and the related costs of Rs 4.6 billion were accounted for in the financial results of 2016. Accordingly, PTCL group net profit for the year was Rs. 1.6 billion, which would have been Rs. 4.7 billion, 152% increase over last year, had there been no VSS. PTCL financial position remained healthy and stable during 2016 due to continuous efforts to optimise costs, resulting in 25% increase in cash-based funds in the form of short-term investments and cash and bank balances. PTCL’s revenue for the year was Rs 71.4 billion with growth in fixed line broadband revenue. The company’s operating expenses during the period were reduced by 7% resulting in 6% growth in operating profits. The net profit for the year was Rs 6.8 billion after accounting for the VSS cost. Without VSS impact, net profit of the PTCL would have been Rs. 9.9 billion, 13% increase over last year. Speaking on the occasion, PTCL CEO Dr Daniel Ritz said that the PTCL Group was committed to building a digital and connected Pakistan. He said that PTCL was investing extensively to transform and upgrade its network to provide reliable and resilient high speed Internet and telephone services. “We strive to enhance the customers’ experience and create shareholder value,” he said.