Tag: earnings

  • PTCL’s profits drop by 7.11% despite revenue increase

    PTCL’s profits drop by 7.11% despite revenue increase

    Pakistan Telecommunication Company Limited (PSX: PTC) has reported its financial performance for the first nine months of 2023.

    The company’s profit dropped by 7.11 per cent compared to the same period last year, coming in at Rs7.64 billion with earnings of Rs1.50 per share. This is less than the Rs8.23 billion profit and Rs1.61 per share in the previous year.

    On the positive side, the company’s revenue increased by 17.15 per cent compared to last year, reaching Rs71.61 billion, up from Rs61.13 billion.

    Even though the cost of sales also increased by 17.16 per cent, the increase wasn’t as much as the rise in sales, resulting in a 17.1 per cent increase in gross profit, which reached Rs15.28 billion.

    In terms of expenses, selling and marketing costs rose by 21.53 per cent year-on-year, while administrative and general expenses increased by 10.28 per cent during this period.

    Additionally, the company’s impairment loss on trade debts and contract assets went up by 6.53 per cent.

    Looking ahead, PTCL’s other income increased significantly, going up by 48.30 per cent. The company’s finance costs saw a substantial increase due to higher interest rates.

    Regarding taxes, the company paid 11.33 per cent more in taxes compared to the previous year.

  • Google plans to generate more revenue with online games on YouTube

    Google plans to generate more revenue with online games on YouTube

    Google is exploring the possibility of earning revenue through online games on YouTube, as per a recent Wall Street Journal report.

    YouTube, a well-known platform for hosting videos, has apparently invited its employees to test a new feature called Playables. This feature allows users to play games directly on YouTube itself. Notably, this feature can be accessed on different devices such as mobile phones and desktop computers, as mentioned in an internal email obtained by the Journal.

    Users will have the convenience of playing these games either through a web browser on the YouTube website or via the YouTube app on both Android and iOS devices. Although the report suggests that several games are currently available for testing, it specifically highlights one called Stack Bounce. This arcade game, supported by ads, challenges players to demolish layers of bricks with a bouncing ball.

    While YouTube already generates revenue through gaming livestreams, this new product will provide an additional avenue to capitalise on the gaming industry, particularly as advertising spending experiences a downturn.

    It is worth noting that this venture differs from Google’s unsuccessful Stadia games streaming service, which was eventually discontinued. With YouTube’s existing vast and dedicated user base, attracting attention to this new feature should not pose a challenge.

    Playables bears some resemblance to Netflix’s gaming offering, where paying subscribers gain access to casual mobile games. In a similar vein, Netflix is reportedly exploring the expansion of its gaming initiative beyond mobile devices by testing TV games that employ smartphones as controllers, demonstrating ambitious plans for the future.

  • Supreme Court directs FBR to collect 50% super tax from big companies within seven days

    The Supreme Court of Pakistan has ordered organisations earning more than Rs150 million to submit 50 per cent of the super tax imposed on them to the Federal Board of Revenue (FBR) within seven days.

    A two-member bench consisting of Chief Justice of Pakistan Umar Ata Bandial and Justice Athar Minallah heard the plea filed by the FBR against an interim order issued by the Lahore High Court (LHC). The FBR’s counsel, Salman Akram Raja, informed the bench that the LHC had temporarily prohibited the FBR from collecting the tax pending a final decision.

    However, counsel for the respondents argued that the government’s super tax on corporations was unconstitutional. The Supreme Court suspended the interim order of the high court and allowed the FBR to collect 50 per cent of the super tax from these industries within seven days.

    Last year, Prime Minister Shehbaz Sharif announced the implementation of a 10 per cent super tax, also referred to as the “poverty alleviation tax,” on 13 key industries to increase tax collection. The government stated that the “tough decisions” were made to safeguard the economy.

    According to Geo, the sectors subject to the tax included cement, steel, banking, airlines, textile, automobile assembly, sugar mills, beverages, oil and gas, fertilizer, cigarettes, chemicals, and LNG terminals.

  • Meta introduces Stars for Pakistani content creators to monetize content

    Meta introduces Stars for Pakistani content creators to monetize content

    All Pakistani content creators who meet the requirements can now use Facebook Stars, Meta’s monetization tool, to connect with their viewers and grow their businesses.

    According to Express Tribune, Pakistani online content creators will be able to sign up, monitor their profits by content type, manage their goals, and access other Stars settings thanks to Stars, a digital tool that fans can buy and send to support creators.

    This feature is accessible in a variety of media, including Facebook Live, on-demand videos, photographs, and text updates.

    “Helping creators to build community and turn their passions into professions is a key part of our continued investment in Pakistan,“ said Jordi Fornies, Meta’s Director of Emerging Markets for the Asia Pacific region. “Today, we are thrilled to announce that Facebook Stars is open to all eligible creators in Pakistan, so more people can start earning while they grow their creativity, audience, and careers.”

    Reels introduced short-form, amusing video experiences and tools to creators and fans earlier this year when Meta debuted it in Pakistan. The fastest-growing content format on Meta platforms right now is reels. Every day, Reels are played on Facebook and Instagram in excess of 140 billion times.

    “We are encouraged to see Meta’s contribution to supporting local businesses in Pakistan and opening up different ways for Pakistani content creators to generate meaningful, reliable revenue on their platforms. We hope the Stars program will create new opportunities to monetize and play a role in strengthening the country’s digital economy,” said Bilawal Bhutto Zardari, the Foreign Minister of Pakistan, during his visit to the Meta regional office in Singapore today.

    The following eligibility requirements must be met in order for any Pakistani creative with at least 1,000 online followers over the previous 60 days to start getting Stars from their fans.

    “So wonderful to see Stars has launched in Pakistan, giving more creators like me on Facebook and Reels the opportunity to build community and earn money through doing what we love,” said Danish Ali, Pakistani content creator.

    “I’m excited for creators in Pakistan to start using Stars to generate an income and build deeper connections with their audiences as they grow on Facebook,” he added.

  • PCB to donate earnings from match against England to flood victims

    The Pakistan Cricket Board (PCB) has announced that gate earnings from the first T20I against England will be donated to the Prime Minister’s Flood Relief Fund 2022.

    The match will be played on September 20 at the National Stadium in Karachi and will begin at 7:30pm (local time).

    The PCB has urged cricket supporters and fans to buy tickets in large quantities once they go on sale online the following week in order to show solidarity with all those affected by the floods.

     “We at the PCB express our grief and sorrow for all those affected by the extreme monsoon rainfall and floods, which has ​resulted in havoc and devastation beyond imagination, killing over 1,000 and leaving around a million homeless. As cricket unites our proud nation, we stand firmly with the victims and all those involved in​ the flood relief and rescue operations,” said PCB chairman Ramiz Raja in a statement.

    According to the data issued by the National Disaster Management Authority(NDMA), at least 1,033 people have died in floods caused by heavy rains in the country.

  • Additional tax to be levied on high-earning businesses

    Additional tax to be levied on high-earning businesses

    In the budget (2022-23), the government intends to impose a time-limited levy or additional income tax on the yearly income earned by the steel industry, pharmaceutical business, and other profit-generating segments, as well as increase the minimum tax from two to six percent on the import of edible oil

    According to reliable sources, the government has made the decision to increase the rate of least tax on the import of edible oil from two to six percent in the next fiscal budget to boost the occurrence of levy on this large profit-earning sector. The steel sector’s minimum tax rate will be raised in the new budget.

    It is worth noting that the fresh charge will only be levied on industries and sectors that make massive profits, and it would only be in place for a limited time.

    According to Brecorder, the steel sector’s profits have increased by 20-30 per cent, but they are not paying the requisite tax bills. As a consequence, an extra income tax or levy on the yearly earned income by the steel industry, pharmaceutical sector, and other sectors earning windfall profits has been proposed for 1-2 years.

    Added income taxor levy will be paid in conjunction with the filing of tax records. The levy would be time-limited and could be imposed for one or two years.

    The Federal Board of Revenue (FBR) levies a two per cent least tax on edible oil imports, which is decided to ascend to six per cent beginning with the next fiscal year. Earnings in the edible oil industry are very high, with massive profits, but tax payments are consistent or on the low side.

    The Federal Board of Revenue (FBR) is updating a list of high-profit industries based on tax financial records, annual financial statements, and third-party data.

    A new section in the Income Tax Ordinance 2001 would be introduced through the new Finance Bill 2022 for the imposition of the said levy on high profit earning sectors.