GP’s profit shoots up in Q2 CY23!
GP’s profit shot up in Q2 CY23 thanks to provision reversal despite regulatory woes. Let’s take a look at how they did:
- GP paid BDT 17.7bn for the settlement of regulatory disputes: BDT 7.8bn to NBR for the settlement of tax disputes till 2018 and BDT 9.9bn payment to BTRC considering the written judgment for the case relating to VAT mechanism and spectrum assignment fee during 2G license renewal.
- Operating profit remained flat: 5.6% Revenue growth was offset by increase in non-cash expense (Depreciation and Amortization).
- c30% earnings growth was driven by Net provision reversal of BDT 2.4bn.
- Because of cash outflow for regulatory payment, no interim dividend proposed for H1 CY23.
This quarter has been kind to the telecommunications giant although we’ll have to wait and see what the future has in store. How do you think it’ll perform this year?
