Worldcall Telecom Limited’s financial results for the half year ended 30 June 2011

Worldcall Telecom Limited’s financial results for the half year ended 30 June 2011

Karachi: We have to inform you that the Board of Directors of our company in their meeting held on 18 August 2011 at 08:30 p.m. have recommended the following:

 

Cash Dividend Nil
Bonus Shares Nil
Right Shares Nil

 

The financial results of the company are as follows:

 

Half Year ended Half year ended Quarter ended Quarter ended
30 June 2011 30 June 2010 30 June 2011 30 June 2010

(Rupees in “000″)

Revenue – net 3,701,165 4,421,880  2,074,517  2,023,010
Direct Cost  (3,083,410)  –  (3,667,551)  (1,662,145)  (1,750,100)
———  ——— ——— ———
Gross Profit  617,755 754,329 412,372 272,910
Operating Cost (747,636)  (836,139) (383,295) (414,079)
  ——— ———  ——— ———
Operating (loss)/ profit  (129,881)  (81,810) 29,077 (141,169)
Finance cost  (345,944)  (377,353) (156,935)  (174,145)
———  ——— ——— ———
 (475,825)  (459,163)  (127,858) (315,314)
Impairment loss on available  (10,266)  (56,437)  (9,028)  (32,151)
for sale financial asset,
Other operating income 62,278 7,015  (19,235)  (428)
 ———  ——— ———   ———
/ (expenses)
Loss before taxation (423,813)  (508,585)  (156,121) (347,893)
Taxation 123,936  97,999  38,567 57,897
——— ——— ———  ———
Loss after taxation  (299,877)  (410,586)  (117,554) (289,996)
 ——— ——— ——— ———
Loss per share-basic and diluted (Rupees) (0.35) (0.48)  (0.14)  (0.34)

 

 

Since the company has not declared any payouts, therefore no book closure is required.

We are pleased to inform you that upon completion of his terms of office on 11 August 2011, the Board of Directors of Worldcall Telecom Limited (WTL) (“the Company”) vide circular resolution on 10 August 2011 has re-appointed Mr. Babar Ali Syed as a Chief Executive Officer of the Company for a period of three years commencing from 12 August 2011on the same terms and conditions.

The Board ratified the above resolution passed by way of circulation dated 10 August 2011.

The Board deliberated on funding for the Company amounting to US $ 35 million. Company is under discussion with third parties for convertible preference bonds. The parent company “Omantel” will also contribute its proportionate share in the funding in order to maintain its current shareholding in the Company.

 

For more information, contact:
Rizwan Abdul Hayi
Company Secretary
Worldcall Telecom Limited
67 A, C- III,
Gulberg-III, Lahore.
Tel: (92 42) 5872633-38
Fax: (92 42) 5755231

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