PTCL Likely to make $100 Million for Etisalat this Year

We know that PTCL’s budget document for next year got leaked and was partially produced by “The News” few weeks ago.

As expected, more details are coming out with this figure of USD 100 million that PTCL (through EIP) is likely to send back as profits to the United Arab Emirates in 2010-11.

Report said that EIP (Etisalat International Pakistan) has sent back about $ 475 million during previous three years, which is about one fifth of the price it paid for PTCL, since taking over the management of the company, quoting the data in the leaked document.

The company earned Rs 15.64 billion ($250 million) in the first year after the handover. It earned Rs 9.151 billion ($125 million) in the next and Rs 9.231 billion ($100 million) in 2009-10, according to the document.

The company is projecting Rs 9.124 billion profit ($100 million) during the current financial year, it added.

Besides this all, the EIP is also earning money from Ufone Pakistan, a subsidiary of PTCL, and sending it home. All foreign companies are free to repatriate 100 percent of the profit they earn.

PTCL has decided not to say any words on this projected amount, as this claim by “The News” is for a future transaction.

It merits mentioning here that Etisalat is yet to pay $ 800 million to Pakistan Government against 26 percent shares of PTCL.