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INSTITUTE OF BUSINESS AND TECHNOLOGY PTCL Privatization and its Impact on Financial
HealthPrepared By Fahad AbbasBM-25078Course Code :
MKT-606MBA (Banking and
Finance)FACULTY OFMANAGEMENT AND SOCIAL SCIENCESFALL - 2010

INSTITUTE OF BUSINESS AND TECHNOLOGY ABSTRACT SUBMITTED BY : Fahad Abbas DISCIPLINE:

MBA (Banking and Finance) TITLE OF PROJECT REPORT:
PTCL Privatization and
its Impact on Financial HealthMONTH OF SUBMISSION:
November, 2010 NAME OF
PROJECT SUPERVISOR:
Dr. Noor Ahmed MemonABSTRACTPrivatizationis the incidence or
process of transferring ownership of a# HY PERLINK
"http://en.wikipedia.org/wiki/Business" \o "Business" #business#, enterprise,
agency or public service. The impact of privatization on financial health of
Pakistan Telecommunication Limited. Whereas it affects many other sectors as well,
such an in-depth treatment would have added a great deal of value to this research
in terms of understanding how privatization can lead to efficiency .The main focus
of the Project is to analy ze the situation for privatization, Impact of
privatization on financial health of Pakistan telecommunications, is privatization
adding value to PTCL.

ACKNOWLEDGEMENTAt the completion of my research project I would like to thank ALLAH

Almighty for giving me the power, energy and guidance to do this research study . I
would then like to thank my resource person, Dr. Noor Ahmed Memon for giving me
this opportunity to carry out this project. I would like to thank him for all his
help and guidance.Last but not the least, I would like to thank my family and
friends for being there for me whenever I needed them and for bearing with me all
the way through.
Fahad Abbas

TABLE OF CONTENTS# TOC \o "1-3" \h \z \u ## HY PERLINK \l "_Toc278999345"

##ABSTRACT## HY PERLINK \l "_Toc278999346" ##ACKNOWLEDGEMENT## HY PERLINK \l
"_Toc278999347" ##1. INTRODUCTION # PAGEREF _Toc278999347 \h ##1### HY PERLINK \l
"_Toc278999348" ##1.1 Introduction # PAGEREF _Toc278999348 \h ##1### HY PERLINK \l
"_Toc278999349" ##1.2 Purpose of Study
# PAGEREF _Toc278999349 \h ##1###
HY PERLINK \l "_Toc278999350" ##1.3 Research Objectives
# PAGEREF
_Toc278999350 \h ##1### HY PERLINK \l "_Toc278999351" ##1.4 Research Methodology
# PAGEREF _Toc278999351 \h ##2### HY PERLINK \l "_Toc278999352" ##2.
LITERATURE REVIEW # PAGEREF _Toc278999352 \h ##3### HY PERLINK \l "_Toc278999353"
##2.1 The Biggest Financial Scam in Pakistans History
# PAGEREF
_Toc278999353 \h ##3### HY PERLINK \l "_Toc278999354" ##2.2 Pakistani Workers Revolt
Against PTCL Privatization
# PAGEREF _Toc278999354 \h ##4### HY PERLINK \l
"_Toc278999355" ##3. PROFILE OF PTCL
# PAGEREF _Toc278999355 \h ##7###
HY PERLINK \l "_Toc278999356" ##3.1 History of PTCL
# PAGEREF _Toc278999356 \h
##7### HY PERLINK \l "_Toc278999357" ##3.2 Introduction of PTCL
# PAGEREF
_Toc278999357 \h ##9### HY PERLINK \l "_Toc278999358" ##3.3 Core Values # PAGEREF
_Toc278999358 \h ##13### HY PERLINK \l "_Toc278999359" ##3.4 Mission
# PAGEREF
_Toc278999359 \h ##14### HY PERLINK \l "_Toc278999360" ##3.5 Vision
# PAGEREF
_Toc278999360 \h ##14### HY PERLINK \l "_Toc278999361" ##3.6 SWOT Analy sis
#
PAGEREF _Toc278999361 \h ##15### HY PERLINK \l "_Toc278999362" ##4. PRIVATIZATION OF
PTCL # PAGEREF _Toc278999362 \h ##18### HY PERLINK \l "_Toc278999363" ##4.1
Privatization
# PAGEREF _Toc278999363 \h ##18### HY PERLINK \l "_Toc278999364"
##4.2 Impacts of Privatization on PTCL
# PAGEREF _Toc278999364 \h ##20###
HY PERLINK \l "_Toc278999365" ##4.3 Major Benefits
# PAGEREF _Toc278999365 \h
##26### HY PERLINK \l "_Toc278999366" ##4.4 Porters Analy sis of PTCL
# PAGEREF
_Toc278999366 \h ##27### HY PERLINK \l "_Toc278999367" ##4.5 Points In Favor of
Privatization
# PAGEREF _Toc278999367 \h ##29### HY PERLINK \l "_Toc278999368"
##4.6 Privatization Techniques
# PAGEREF _Toc278999368 \h ##32### HY PERLINK \l
"_Toc278999369" ##5. FINANCIAL ANALY SIS OF PTCL # PAGEREF _Toc278999369 \h ##33###
HY PERLINK \l "_Toc278999370" ##5.1 Financial Statement of PTCL
# PAGEREF
_Toc278999370 \h ##33### HY PERLINK \l "_Toc278999371" ##5.2 Management of PTCL and
Current Financial Position
# PAGEREF _Toc278999371 \h ##34### HY PERLINK \l
"_Toc278999372" ##5.3 Accounting Sy stem & Practices # PAGEREF _Toc278999372 \h
##41### HY PERLINK \l "_Toc278999373" ##6. IMPACT OF PRIVATIZATION
# PAGEREF
_Toc278999373 \h ##43### HY PERLINK \l "_Toc278999374" ##6.1 PTCL and Pakistan
Economy
# PAGEREF _Toc278999374 \h ##43### HY PERLINK \l "_Toc278999375" ##6.2
Financial Aspects of PTCL
# PAGEREF _Toc278999375 \h ##49### HY PERLINK \l
"_Toc278999376" ##6.3 PTCL and Financial Health # PAGEREF _Toc278999376 \h ##52###
HY PERLINK \l "_Toc278999377" ##6.4 Special Issues of Telecom
# PAGEREF
_Toc278999377 \h ##57### HY PERLINK \l "_Toc278999378" ##7. CONCLUSION AND
RECOMMENDATIONS
# PAGEREF _Toc278999378 \h ##61### HY PERLINK \l "_Toc278999379"
##7.1. Conclusion # PAGEREF _Toc278999379 \h ##61### HY PERLINK \l "_Toc278999380"
##7.2. Recommendations # PAGEREF _Toc278999380 \h ##62### HY PERLINK \l
"_Toc278999381" ##BIBLIOGRAPHY
# PAGEREF _Toc278999381 \h ##64### HY PERLINK \l
"_Toc278999382" ##Appendex
# PAGEREF _Toc278999382 \h ##65###

1. INTRODUCTION1.1 Introduction
Privatization is generally referred to
as the total or partial sale of shares of a state-owned enterprise (SOE) to
private investors. Privatization refers to the transfer of any Federal property ,
right, interest, concession or management to any person. Person in turn is broadly
defined to include partnerships, companies, and the like, other than those owned or
controlled by Federal Government. In legal terms, privatization includes a
transaction by virtue of which any person from the Federal Government or any
enterprise owned or controlled, wholly or partially , directly or indirectly , by
Federal Government Thus it includes the sale of shares or assets of companies in
which the Government sells only a minority interest.1.2 Purpose of Study The ptcl
privatization and its impact on financial health .In the local scenario to study
and analy ze the effects of Privatization. There is very little emphasis on study ing
the impact of privatization process in terms of creating value. This project will
provide in depth analy sis of Pakistan Telecommunication Company limited before and
after privatization. The Main Focus of the report is to.Analy ze the situation for
privatization.Impact of privatization on financial Health of Pakistan
Telecommunications.Is privatization adding value to PTCL? 1.3 Research Objectives
This study is significant both from theoretical and practical standpoints. In
theoretical terms, the study highlights gaps in the existing theoretical
literature, especially in relation to privatization initiatives and its impact. In
practical terms, the study is also significant, as not much literature exists on
the privatization experience of Pakistan telecom sector and its impacts. The
subject is rather under-studied, particularly by independent research and, more
importantly , from the perspective of telecom sector. Causes for privatization.Study
of causes involving privatization.Privatization strategiesNational and
international perspective is considered.Specifically , Case of PTCL is studied to
analy ze the impact of privatization on financial health of the company . 1.4
Research Methodology The research provides a comprehensive background on the nature,
characteristics and profile of Pakistan Telecommunication Corporation before the
onset of the privatization process, and identifies what are the issues that lead to
privatization of a profit making public company . The pre-privatization scenario is
compared with the situation after privatization process. This research is based on
both primary and secondary sources. The primary sources include official reports,
decisions of regulators and various documents prepared by the privatization
commission. The secondary sources also include academic books and journals,
magazines, newspaper reports and articles.

2. LITERATURE REVIEW2.1 The Biggest Financial Scam in Pakistans History By #

HY PERLINK "http://telecompk.net/author/atif-tahir/" \o "Posts by Atif Tahir" #Atif
Tahir#| September 4, 2007 |#The fall of corporate giants like# HY PERLINK
"http://www.enron.com/corp/" \t "_blank" #ENRON#and WORLDCOM left many learning
impressions for both public and private sector enterprises besides stakeholders
including governments, employ ees, Board of Directors and strategic partners. In
both of the above mentioned historical cases, the core reason was fraudulent
conduct by the corporate level management. The top officers consistently kept
hiding the true financial facts and figures bearing losses and public reports kept
display ing healthy financial results and profitability , which strengthened the
trust of shareholders and partners to keep investing besides helping the share
price to grow further in the stock market.Unfortunately , we might have another big
financial scandal in Pakistan about privatization of PTCL. PTCL no doubt is one of
the strongest corporate enterprises not only in Pakistan but also in the continent
known as Asia. Pakistans Telecom market, Economy and Pakistans political
stability . Pakistans image, which already is in crisis, will be hurt further.
Supreme Court of Pakistan has already given decision against the privatization of
PSO and Pakistan Steel and if PTCLs privatization gets challenged on true facts,
it will bring horrify ing results.Now this brings another example to Corporate
Governance books and poses immense need to improve upon corporate governance
practices. Corporate Governance is the set of policies, procedures, practices,
processes, customs, laws and institutions affecting the way in which a corporation
or enterprise is controlled or administered. It further involves shareholders,
stakeholders, management and the enterprise goals and objectives i.e.
profitability , organizational growth, share price stability for which a company is
governed. The two main aspects of corporate governance are Accountability and
Economic efficiency for the welfare of the shareholders.Being state owned
enterprise, it was Governments critical responsibility to measure the scope and
feasibility of privatization. PTCL was and is one of the oldest & strongest
corporate enterprises and revenue contributor in Pakistan. The key objective of any
business entity is to earn profit. So, why there was a need to privatize such a
Giant, Whatever PTCL is doing after privatization could also have done before
privatization. When there is no major change in organizational structure and
policies and even new owners have still not been able to even lay off those 20,000
employ ees for which our Government has agreed to bear 50% cost of lay off.2.2
Pakistani Workers Revolt against PTCL PrivatizationBy Vilani Peiris and Keith Jones
4 June 2005#Workers at Pakistan Telecommunication Company Limited (PTCL)who have
been occupy ing the company s Islamabad headquarters and other facilities since May
25are threatening to sever the country s communications network next Monday ,
unless Pervez Musharrafs military government abandons its plans to privatize what
is Pakistans largest and most profitable public-sector enterprise.The military
government, meanwhile, has made it clear that it is ready to use the full power of
Pakistans security forces against the PTCL workers. On May 30, theDawnreported
that 600 police and Frontier Constabulary had taken up positions on the grounds of
the PTCL headquarters and that knowledgeable sources were say ing security forces
might soon storm the complex.While no attack has y et been launched, large numbers
of security personnel remain in position at the PTCL headquarters and military
helicopters regularly fly overhead. Paramilitary forces have also been deploy ed
outside telephone exchanges across the country . According to news reports, a
growing number of union leaders and activists have been seized by security forces.
Malik Maqbool Hussain, a member of the PTCL Workers Unions Action Committee, was
detained and interrogated for several hours by one of Pakistans intelligence
agencies.The 60,000 PTCL workers began job action after the government announced
that on June 10 it will begin selling off its 88 percent share of the
telecommunications company . The strike escalated on May 25 when workers, who were
picketing outside the PTCL headquarters, responded to reports that negotiations
between the company and a nine-union joint action committee had failed, by breaking
through police lines and taking the building over. PTCL facilities in cities across
the country were also soon occupied. For over a week, all PTCL operator services

and equipment as well as line repair and installation have been at a standstill.
The workers confidence in the unions was undermined by their calling off a strike
last y ear against the lay off of 30,000 temporary workers, after management
compromised on some of its demands of the workforcethe right to even form unions
or bargain collectively .With privatization, thousands of PTCL workers jobs will
lose their jobs. According to industry experts, the company would have to cut its
workforce in half to meet the standard industry ratio of employ ees to telephone
lines. Under a recent management offer, only permanent employ ees with at least 10
y ears seniority would have any guarantee against the loss of their jobs under
privatization.The Musharraf regime is hoping that the PTCL workers militant
struggle can be defused through a combination of threats of bloody violence and the
intercession of the opposition, whose claims to support the workers have been
trumpeted by the union leadership. Indeed, even as the government prepares for a
possible violent assault against the strikers, the union leaders are promoting the
false notion that with the support of the likes of the PPP and MMA, the Musharraf
regime can be pressured into abandoning its privatization plans, which are pivotal
to its and the Pakistani bourgeoisies export-led growth economic strategy .

3. PROFILE OF PTCL3.1 History of PTCLWhen Pakistan came into being then it start
with name of "Pakistan post & telegraph Department" in 1947. As time passed and new
technology developed communication sy stem has also developed. So in 1962 telephone
and telegraph department was established and Pakistan post was declared as separate
department. Telephone &Telegraph department has converted to Telecommunication
Corporation in 1991 under Pakistan Telecommunication Corporation (PTC) ordinance of
1991. With Pakistan Telecommunication Corporation Ordinance 1991 government open
the way for private competition and start awarding licenses for cellular phone and
card operated pay phones. With this liberalization 1991 government of Pakistan
decided to privatized PTC and use voucher method in 1994 for privatization that
later were convertible to shares, total number of voucher was six million that were
equal to 600 million shares at the rate Rs. 10 per share. The telecom sector was
liberalized but PTCL was still the monopolist of the land line telephone services.
In 2003 PTCL monopoly comes to an end when government decided to completely
liberalize the telecommunication industry . In 2006 the company was completely
privatize when government sold its 26% management share to Etisalat. Evolution and
change are choices we make not for their own sake but for the sake of progress,
growth & better adaptation to a changing world. This is a time of growing
challenges. The pace of technology is changing. Networks of the future will not
only have to be digital and intelligent, but also offer high transmission capacity
and flexible bandwidth. Services provided will be personal and tailored to
individual needs. As Etisalat embraces new technologies and make the world of
global communications accessible to more people it perfects the art of bringing
people together. To reflect growth, the firms insight for the future and concern
for people, it now has a new Corporate Logo and Identity . The identity has a green
background, which signifies solidity , inspires confidence and denotes Etisalat the
mother brand. The red dot represents technology and the world of communication. The
3 curves featured in the design not only represent the letter 'E' which stands for
Etisalat and the Emirates, but also signify an entity that is growing outside its
boundaries and expanding into strategic businesses locally and internationally .
Ordinance of 1994, which stipulated the Following.To convert PTCL into a public
limited company (renamed as the Pakistan Telecommunication Company Limited, or
PTCL) and provide this company with a 25-y ear renewable license to continue as a
fixed-line domestic and international telecom operator.To establish a separate
regulatory authority to monitor the operations of telecom operators in Pakistan.To
establish a tariff structure linked to changes in the Pakistan Consumer Price
Index.To form the National Telecommunication Corporation Limited to take over
telecom services provided to Federal and Provincial government bodies and Defense.
Presently , PTC is the sole provider of fixed-line domestic and international
telephone services and certain other telecommunication services in Pakistan. It
owns all public exchanges, the nation-wide network of local telephone lines,
principal public long-distance telephone transmission facilities and international
telecommunication gateway s. PTC maintains its monopoly on fixed-line domestic and
international telephone services in all regions of Pakistan except the Northern
Areas, the Border Areas and Azad Jammu and Kashmir for seven y ears. However this
monopoly expired in December last y ear.3.2 Introduction of PTCLName of Company
Pakistan Telecommunication Company Limited #Monogram Slogan Feel the Difference
Industry Telecommunication Pakistan Telecommunication Company Limited (PTCL) is
proud to be Pakistansmost reliable and largest converged services carrier
providing all telecommunications services from basic voice telephony to data,
internet, video-conferencing and carrier services to consumers and businesses all
over the country . Whether it is an office in the largest city of Pakistan or a home
in a small village, we are present in every corner of Pakistan to serve our
customers. PTCL is all set to redefine the established boundaries of the
telecommunication market and is shifting the productivity frontier to new heights.
Today , for millions of people, we demand instant access to new products and ideas.
More importantly we want them for their better living standards with increased
values in this ever-shrinking globe of ours. We are setting free the spirit of
innovation. PTCL is going to be y our first choice in the future as well, just as it

has been over the past six decades.Product and ServicesBusiness & Corporate Users
For clear communication the first choice of business circles is PTCL telephone for
local, nationwide and international calling. Today businesses can have 10-100 lines
with modern day services to meet their needs. Now y ou get options like Caller-ID,
call-forwarding, call-waiting, Call Barring, to name a few.Other Business Specific
Services IncludeVPN-Virtual Private Network, Audio Conference Service, Digital
Cross Connect (DXX), ISDN (Policy ), Teleplus (ISDN/BRI), Digital Phone Facilities/
Modification Char3ges, UAN, UIN.Nationwide InfrastructureWe have the largest Copper
infrastructure spread over every city , town and village of Pakistan with over
million installed lines. The network has over 6 million PSTN lines installed across
Pakistan with more than 3 million working. Furthermore installed capacity of
broadband is more than 0.6 million ports spread across414 cities and town of the
country Carriers ServicesAs carriers-carrier, we provide the core infrastructure
services to the cellular, LDIs, Local Loop operators, ISPs, Call Centers and
pay phone operators. We provide all carrier services, right from inter-connects and
telehousing to DPLC and IPLC connectivity . Our interconnect services are provided
from our 3200 exchange locations that connect y our carriers networks domestically .
White Label ServicesPTCL customers can now provide uninterrupted services to their
clients without undertaking large scale investment in infrastructure or developing
expertise in their own network. PTCL White Label Services are focused on speed and
simplicity at minimal capex.EVO Wireless BroadbandPTCL EVO 3G Wireless Broadband is
Pakistans fastest wireless internet which offers its customers superior 3G
internet experience. Evo Wireless Broadband is enabling the wireless broadband
revolution in Pakistan with flexibility to roam freely like never before. PTCL Evo
has revolutionized the way people connect to the internet by offering true
mobility . PTCL Evo is currently offering its services in more than 18 cities on EVDO technology offering speeds up to 3.1 Mbps. Broadband PakistanPTCL Broadband is
the largest and the fastest growing Broadband servicein Pakistan. Since its launch
on 19th May 2007, PTCL has acquiredapproximately 432,821Broadband customers in
over414 cities and towns across Pakistan, leading the proliferation and awareness
of Broadband services across Pakistan. With its entry in this market segment, PTCL
opened up a broadband culture in Pakistan, where till a couple of y ears back there
was very little awareness in the country about broadband & high speed internet
services. PTCL also offers multiple FREE personalized e-mail accounts exclusively
to its broadband users. In addition, PTCL recently doubled its broadband speed for
all its existing and new customers at the same price, making 1 MB as its minimum
offered speed. IPTV Service (Smart TV)PTCL SMART TV Using its state of the art
Broadband network, PTCL entered the media sector on 14th August 2008, by launching
a digital interactive television service for the first time in Pakistan. Employ ing
the IPTV (Internet Protocol TV) technology , PTCL brought Pakistan in the list of a
few countries across the globes that offer this state of the art interactive TV
service to its subscribers, the service is available in 16 cities. Pak Internet
ExchangeIt is the only IP enabled network with 40 (number increase) point-ofpresences (POP) in 26 cities. The existing 16G active bandwidth is used for
internet, data, and video and video-conferencing services and for voice of LDI.VfonePTCL also continues to be the largest CDMA operator in the country with
approximately 1.25 million V-fone customers. It offers fixed wireless telephone for
y our homes & business. With CDMA2000 1X technology , ours is the largest WLL network
with a capacity of 2.6M, covering over 10,000 urban & rural areas. International
NetworkSEAMEWE-3 Submarine Cable Sy stemPTCL is a member of SEAMEWE 3 Cable
Consortium with its Cable Landing Station at Karachi. SMW-3 cable connects 39 cable
landing stations in 33 countries and four continents. SMW-3 is the longest sy stem
of the world with a total length of 39,000 Km.SMW-4 Submarine Cable Sy stemSMW-4 is
a relatively new submarine cable sy stem (inaugurated in December 2005) and links 14
countries with 16 landing stations across Europe, Middle East and Asia. The sy stem
is using Terabit DWDM technology to achieve. The link between any two destinations
is STM-1. SMW-4 is designed for relatively higher traffic volumes.I ME WE cable
details and Status with MapIMEWE Submarine Cable is a Tera bit capacity submarine
cable sy stem connecting India to Western Europe through Middle East. The Cable

sy stem is 13,000 km long with 10 landing points in 8 countries.Satellite

CommunicationPTCL has Intelsat Standard Earth Stations near Karachi and Islamabad.
These installations provide the diversity for International voice connectivity and
also work as Hub for domestic satellite users. There are four
Intelsat Standard B Earth Stations at Islamabad, Gilgit, Skardu and Gwadar.3.3
Core ValuesProfessional Integrity Customer SatisfactionTeamworkCompany Loy alty
Corporate Culture Energy We value and nurture the energy and dy namism needed to
achieve the very best in business. We look forward to future challenges and
opportunities. Openness As a company , we are welcoming, sociable and friendly to
customers, suppliers and employ ees. We deal with people in a clear, direct way and
are alway s honest and fair in business dealings. Enablement our aim is to open up
opportunities and to actively help people reach their goals. We alway s deliver what
we say we will. The Future A world in which Technology extends our Reach. Already ,
music, books and services no longer have to have a phy sical format to be sold
online. Advanced networks will increasingly provide education, healthcare and other
services and goods. For instance, telemedicine already allows patients to seek the
best advice from doctors around the world; now robotic aids are beginning to make
remote surgery possible. As the pace of technological change increases, Etisalat
will extend its reach into new technologies, services and markets to create
opportunities for our customers. International Investment of Etisalat
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#a#n#d# #q#u#a#l#i#t#y # #a#n# #e#n#v#i#r#o#n#m#e#n#t# #that is cost effective and
quality conscious Services that are based on the most optimum technology "Quality "
and "Time" conscious customer service Sustained growth in earnings and
profitability 3.5 VisionTo be the leading Information and Communication Technology
Service Provider in the region by achieving customer satisfaction and maximizing
shareholders' value. The future is unfolding around us. In times to come, we will
be the link that allows global communication. We are striving towards mobilizing
the world for the future. By becoming partners in innovation, we are ready to shape
a future that offers telecom services that bring us closer.3.6 SWOT Analy sis
Strength Largest operational network and infrastructure within ICT (Information &
Communication Technologies) segment. Market leadership in Local loop, Wireless
local loop (WLL) and fixed telephony . Competitors still depend on PTCL network
either directly or indirectly About 2000 exchanges all around the country and
leader for landline network. Internet facility on basic telephone line and both
Dialup and DSL. With the brand name "Vfone" using CDMA based "wireless local loop"
to provide services of fixed line and has a largest network across the country . It
has around 1,250,000 Vfone customers. The service is both for household. Impacts of
Privatization on PTCL - 28 -and businesses; Vfone has a largest wireless local loop
network and provide services in 10,000 rural and urban areas. "Ufone", PTCL
subsidiary for mobile communication, is the country 's third largest mobile phone
operator with 21.5% market share, and about 20 million subscribers. Ufone has the
top class technology and services in mobile telecom sector; it is continue
expanding its coverage and customer base and as one of the leading services
provider in Pakistani cellular market. Ufone have its own 21 sales and customer
service center and about 250 franchisees all around the country , its customer

service center is known for efficiency and friendliness, and they have innovative
solutions and a "Web Based Franchise management sy stem". In Pakistan PTCL has a
fastest growing and largest network of broadband services. Within a short time
after its services launch (2y ears) it acquires more than 150,000 subscribers from
150 towns and cities across the country . PTCL offer "digital interactive
television" services with the highest digital quality picture. More than hundred TV
channels are offer in big cities like Lahore, Karachi and Rawalpindi and Islamabad
by PTCL Smart TV. Weakness Not been able to nurture its growth around customer
services oriented strategy Internal organizational and business processes issues
Monopolistic culture has further added to its complexities PTCL-V, the fixed
wireless phone service is poor Over employ ment & low productivity . Slow decision
making including external interferences. PTCL has a continuous downward trend in
its revenue since 2005, where PTCL has Rs.75, 972 million revenue and the y ear
Ended June, 2008 it has Rs.61, 086 million, when it comes to after tax loss of 2825
million Rupees. Continuous decline in the number of subscriber from 5million in
2006 to 3.5million till late 2008. . Employ ees are unaware of work ethics, and are
irresponsible especially those working in the rural areas. Slow pace in adopting
the latest technology . Telephonic complaint will rarely complete, customer need to
go phy sically to the offices for making complaints. PTCL has no Research and
Development. Opportunity Have vast infrastructure and real estate assets which can
be leveraged further. Global connectivity reliability has been improved. PTCL is
expanding the long distance and infrastructure side through spreading out two seame-we submarine cables. Large unmet market with total population of 150million PTCL
has the opportunity to utilize its sources namely submarine cable sy stem and
satellite communication sy stem for low cost long distance communication. There is
no strong competition in the landline market. Threats Increased competition in long
distance continues to exert pressure. Exposure to market competition Migration to
Cellular Networks Ability to Attract & Retain Quality Professionals Reduction in
International Settlement Rates There is continues price war between telecom
operator in

4. PRIVATIZATION OF PTCL4.1 PrivatizationPrivatization is generally referred to as

the total or partial sale of shares of a state-owned enterprise (SOE) to private
investors. Savas (1987: 3) talks of privatization as a process that leads to
reduction in the role of the government and a corresponding increase in the
ownership of assets by the private sector. Berg (1998: 185) also takes a narrow
view and equates it with the selling of state-owned companies to private buy ers,
whether by sale of shares or by disposal of whole enterprises. Self (1993: 60),
however, takes a broader view of privatization and refers to it as a way of
slimming the state and increasing the competitive influence of market forces
within government. The slimming of state requires the wholesale transfer of
functions and assets to the private sector, while the increasing of competition
within the government involves contracting out the provision of public services.
Hanke (1986: 4) also takes a similar view and defines privatization as the
transfer of assets and service functions from public to private hands.
Privatization in PakistanThe last few y ears in Pakistan have seen significant
proliferation of privatization of traditional state functions. There are a growing
number of private security companies providing armed guards, private toll roads,
and private education at all levels, private hospitals and clinics, private water
delivery businesses, and private clubs. Instead of helping improve the situation
for all of their fellow citizens; it seems that the Pakistani elite are retreating
into their own shells to isolate themselves from the terrible effects of #
HY PERLINK "http://www.riazhaq.com/2010/02/why -is-democracy -failing-inpakistan.html" #deteriorating governance#in their land. Privatization Process of
PTCLIn December 1990 "Pakistan Telecommunication Corporation" was established to
replace the "Pakistan Telephone and Telegraph Department". In 1991 government of
Pakistan show its intention for the privatization of PTCL to meet the need of the
country and also for esteem growth of economy . A consortium was hired for this
purpose to see the feasibility and on the bases of his report government decided to
sell out the 26 % share capital with management rights and to convert it to limited
company . As decided in the "privatization session of 1991-1992" 12% shares of
Pakistan Telecommunication have been divested during 1994. One million exchangeable
vouchers has been issued in august 1994 these were equal to 100 million shares each
has a value of Rs 10. In September 1994 five million vouchers has been issued to
international 31 investors. The value of these issues were $900 million from
international and Rs.3 billion from domestic issue while the values of the voucher
in first and second issues were Rs.3000 and 5500 respectively . While the issues of
26 % management share was still a controversy , the Government was continue with its
mission by issuing Notes with 150 million US dollar worth to international investor
in 1997. The Notes were convertible to fully paid "A" class ordinary shares of PTCL
and these were 3.3 % of the total share capital issued. In august 1997 foreign
receivable has been securitized successfully obtaining 250 million US dollar to
GOP. In 1995 a new financial advisor was hired by Privatization commission for the
implementation of strategic sale (26% management shares) but the new governments
suspended the services of the financial advisor, and in 1998 hire the M/S Goldman
Sachs International to provide advisory services on PTCL privatization. The
Financial Advisor has start working and established a data room at the head quarter
of PTCL where all possible information that is related to PTCL was available to
facilitate the team. Government approved the proposed policy and decided to
complete the Re-regulation by December 2003, major steps has been taken on legal
and regulatory measures, PTA granted license to PTML (Ufone) and proposed DSI
regulation for tariff and licensing has also been accepted. At last in April 2006
control of the Pakistan Telecommunication corporation was handed over to
Etisalat(UAE based company ), Etisalat assume the control of the company by pay ing
2.6 billion US dollar to buy 26% share with management right in PTCL. With the
control of PTCL Etisalat also assume the control of Ufone, one the top class mobile
service provider subsidiary of PTCL. This privatization has bring in great
technological change and innovation, as we can now connect to internet through
mobile from all around the country , telenor is providing TV coverage, MMS and GPRS
are the services available on all the mobile operator. PTCL also signed a contract

with Emaar to provide information and telecommunication technology services to

household in Karachi and Islamabad. After this agreement PTCL is the only services
provider that offer ICT to two big project of Emaar Pakistan, every household and
office will be connected through fiber optics.4.2 Impacts of Privatization on PTCL
Impact on Competition Impact on Employ ment Impact on Performance Impact on
Competition With the privatization of PTCL many Competitors have entered in
Pakistani market. Paktel and Instaphone were entered in Pakistan telecom industry
in 1990 and in 1994 Mobilink started its function. In 2001, Ufone, a supplementary
part of PTCL entered in the market and in 2005 both Warid and Telenor one by one
started their services. From the y ear 2000 there is tremendous increase in the
cellular users. Mobilink is the largest cellular company with the highest number of
users, compare to Ufone. Currently 79% population in Punjab have mobile phones, 75%
in Sindh, 34% in Baluchistan, 63% in N.W.F.P. and overall 73.3% of population in
Pakistan enjoy ing this facility . Zong (previously Paktel) has great share in the
cellular market. Latest data from PTA shows that Telenor rise to number two and
Warid telecom is becoming more popular and capturing market share with the high
pace as compare to other traditional rivals. Within 4 y ear of time Telenor has
reached to the second largest cellular mobile company after Mobilink with
Subscribers of approx. 19 million.Impact on Employ mentPTCL has approx. 65000
employ ees before privatization. The main workforce of the PTCL is unqualified and
unskilled. About 50% employ ees are under graduate. After privatization of PTCL the
new management has realized that company spent huge amount on employ ees in respect
of salary and other different remunerations. In order to reduce the operational
cost of the organization, to make it more effective and profitable, PTCL need to
lay off these unskilled employ ees. PTCL has launched a scheme called VSS
(Voluntarily separated scheme). Under this scheme PTCL has to pay a lump sum amount
to the employ ee who is willing to leave PTCL. The VSS scheme cost Rs. 34.94 billion
to PTCL for the period 2007 and 2008, assuming that 60 percent of the employ ees
avail this package. PTCL HR wing stepped forward to facilitate the emergence of new
Corporate Culture by becoming Equal opportunity employ er, inducting fresh blood
from the market, improving the way PTCL runs and reducing the number of employ ees
having outdated skill set. The Training & Development wing of the HR Department
also organized a
com################################################################################
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Detailed facilitation programs have been initiated for the orientation of newly
hired employ ees. PTCL employ ees have been provided excellent international
placement opportunities across various Etisalat International Business Operations.
Training and Development The role of training and development in a service involved
organization is many times more in comparison with what it has in a manufacturing
involved organization. This role becomes more significant in a situation where the
need to transform organizational culture is identified as the most glaring problem
and the most difficult impediment on the way to organizational growth. PTCL
employ ees are a great asset not only for the company but also for the country .
Their marvelous potential is y et to be exploited. Their skills need to be
developed, their expertise need to be updated for which training and development
department is at their disposal to cater to their training needs. At PTCL, training
and development team would never miss an opportunity to contribute towards the
betterment of the company . Training and Developments is play ing an essential role
in changing PTCL from a government sector organization to corporate sector company .
PTCL consider every employ ee of the company as our customer and firmly believe that
meeting their expectation would help us achieve customer satisfaction. We look
forward to y our input for making our endeavors more effective. The Training and

Development has a clear road map of activities and is committed to provide high
quality trainings for the development of every single employ ee. Impact on
PerformanceLiquidity RatioLiquidity A firms ability to satisfy its short-term
obligations, (Lawrence J. Gitman; Principles of Managerial Finance). Liquidity
refers to the solvency of the firms overall financial position, the ease with
which it can pay its bills. Because a common precursor to financial distress and
bankruptcy is low or declining liquidity , these ratios can provide early sign of
cash flow problems and implementing business failures. The two basic measures of
liquidity are current and quick ratios. Generally , the higher the current ratio,
the more liquid the firm is considered to be.Y ear
##2009#2008#2007#2006#2005#2004##Current #Time#1.50#1.81#2.19#1.66#1.89#2.78##Quick
#Time#1.36#1.58#2.06#1.54#1.73#2.67##InterpretationThe above figures shows that the
firm had more liquid before privatization, company has privatized in 2006 and above
table shows more favorable figures before 2006, which shows that the liquidity of
PTCL has decreased after privatization.#Source. PTCL WebsiteVerage RatioBy using a
combination of assets, debt, equity , and interest pay ments, leverage ratio's are
used to understand a company 's ability to meet it long term financial obligations.
Leverage ratios measure the degree of protection of suppliers of long term funds.
The level of leverage depends on a lot of factors such as availability of
collateral, strength of operating cash flow and tax treatments.#Interpretation Debt
equity ratio shows that PTCL after privatization use more aggressive financing for
its operations, and its debts continuously increases after privatization which
owners investment more risky . In case of Interest Earned Ratio, the ability to pay
its interest pay ments before privatization continuously improving but after
privatization it shows decline, even that in 2008 it shows negative or unfavorable
result which is (5.26) Times.Leverage of PTCL over the time#Source. PTCL Website
Profitability RatioThere are many measures of profitability . As a group, these
measures enable the analy st to evaluate the firms profits with respect to given
level of sale, a certain level of assets, or the owners investment. With out
profit a firm could not attract the outside capital. Owners, creditors and
management pay close attention to boosting profits because of the great importance
placed on the earning in the marketplace.#Interpretation Operating Profit Margin of
PTCL before privatization is above 40% of sales and in 2004 it is 51.37%, but after
privatization is constantly a decrease and in 2009 it is only 18.15% of sales.
Profitability over the time#Source. PTCL WebsiteEPS over the time#4.3 Major
BenefitsThe benefit to the country of privatization especially PTCL is its effect
on the budget. With all these loss making companies running to the government for
help, the budget has to be used to cover their failings. Every rupee spent on that
is one less available to build roads or schools or health clinics. Much of the
current budget gap could be closed by getting those companies private. In addition,
privatization will allow the government to sell the companies and raise real money
in return. The total market value of companies on the books for privatizing is
about 4.5 billion dollars.The government hopes to raise that much by sales of these
firms. Even if it only gets 3 billion for these firms it will mean a significant
reduction in the national debt as it appears that these funds will be earmarked for
debt retirement. 4.4 Porters Analy sis of PTCLAfter making a detail study of the
Pakistan Telecommunication Company Limited now lets put its case in the context of
Porters Five Forces Model.Rivalry among the FirmsThe increase in the intensity of
rivalry especially after the entrance of Telenor and Warid in 2005 greatly
influences prices as well as the cost of competition. The cost of advertising and
sales become very high and a continuous price reduction has been observed due to
price war among the competitors. There are three areas of competition wired line,
wireless local loop and cellular; there in the wired line PTCL is the sole operator
in the market, in the wirelesslocal loop PTCL (Vfone) is the leader but facing
severe competition from WorlCall,TeleCard, and Wateen, while in the cellular sector
Mobilink is the leader and Ufone (PTCL subsidiary ) is at number two position. The
cellular sector is not just a threat in this sector but also to the fixed line
sector because the function of both is the same to make a call. In this ty pe of
competition firms with best technology and superior customer services can survive.

Threats of New EntrantsAs there is already a severe competition in the market and
cellular operator like Mobilink, Telenor, Warid, Ufone and Zong have already
reached to their maturity and have control in every corner of the country . PTCL
landline is also mature and has an establish infrastructure every where and for new
operator to establish its landline network will take a long time. While in the
wireless local loop beside the four big operator including PTCL (Vfone) there are
some other firm which are still struggling for their survival so there is no chance
of new entrants.Bargaining Power of SuppliersIn the telecommunication industry
there is no such supplier because this is a service sector and in the market of
Pakistan if there are some services needed Pakistan Telecommunication Authority is
responsible for that which has the same criteria for all operators. Beside this
PTCL is providing some services to some operator especially to wireless local loop
so for PTCL there is no such threats.Bargaining Power of Buy ersMost of the
population of the Pakistan belongs to middle and lower middle class and the main
use of the telecommunication in the country is to make a call, value added services
are not in use of general population and limited to some segment of the market like
the use of internet with cell phone or video conferencing. So there is a strong
bargaining power of buy ers in the market and some people even use more than one SIM
Card to take benefit of different packages offered by the operator. This is the
main problem in the market if one operator is offering free air time after mid
night till morning the other offer it from evening to mid night the third one offer
Rs.50(50 Paisa: there are 100 Paisa in one rupee) per minute. The ultimate benefit
goes to users. To retain the subscribers, PTCL land line offer free local call
after mid night and Ufone also has such packages.Threats of SubstituteThe current
downward trend in the subscribers is mainly due to wireless local loop in which
currently there are more than 2million subscribers and PTCL is the leader of the
segment. While the DSL internet is the future substitute for all the three
segments: Wired, WLL and Cellular. As it has happened in the developed world all
the official communication take place through Email and Messengers as text
messaging, voice chat and videos conferencing.Internet is the cheap source of
communication and there is an increasing trend of the use of internet despite the
lack of infrastructure in the country . While looking to its use many 45 operators
have entered to the market and functioning well. PTCL also provide services in this
segment both dialup and DSL Broadband and the main advantage of the PTCL in the
segment is that it has an established network of exchanges every where in the
country . If there are some problems in the landline, PTCL can cover that with its
Wireless local loop.4.5 Points In Favor of Privatization PerformanceState-run
industries tend to be bureaucratic. A political government may only be motivated to
improve a function when its poor performance becomes politically sensitive, and
such an improvement can be reversed easily by another regime. Increased Efficiency
Private companies and firms have a greater incentive to produce more goods and
services for the sake of reaching a customer base and hence increasing profits. A
state-owned firm would not be as productive due to the lack of financing allocated
by the entire government's budget that must consider other areas of the economy .
SpecializationA private business has the ability to focus all relevant human and
financial resources onto specific functions. A state-owned firm does not have the
necessary resources to specialize its goods and services as a result of the general
products provided to the greatest number of people in the population. Improvements
Conversely , the government may put off improvements due to political sensitivity
and special interests even in cases of companies that are run well and better
serve their customers' needs. Accountability Managers of privately owned companies
are accountable to their owners/shareholders and to the consumer and can only exist
and thrive where needs are met. Managers of publicly owned companies are required
to be more accountable to the broader community and to political "stakeholders".
This can reduce their ability to directly and specifically serve the needs of their
customers, and can bias investment decisions away from otherwise profitable areas.
Civil-liberty ConcernsA company controlled by the state may have access to
information or assets which may be used against dissidents or any individuals who
disagree with their policies. GoalsA political government tends to run an industry

or company for political goals rather than economic ones. CapitalPrivately held
companies can sometimes more easily raise investment capital in the financial
markets when such local markets exist and are suitably liquid. While interest rates
for private companies are often higher than for government debt, this can serve as
a useful constraint to promote efficient investments by private companies, instead
of cross-subsidizing them with the overall credit-risk of the country . Investment
decisions are then governed by market interest rates. State-owned industries have
to compete with demands from other government departments and special interests. In
either case, for smaller markets, political risk may add substantially to the cost
of capital. Natural
MonopoliesThe existence of natural monopolies does not mean that these sectors
must be state owned. Governments can enact or are armed with anti-trust legislation
and bodies to deal with anti-competitive behavior of all companies public or
private. Concentration of WealthOwnership of and profits from successful
enterprises tend to be dispersed and diversified -particularly in voucher
privatization. The availability of more investment vehicles stimulates capital
markets and promotes liquidity and job creation. ProfitsCorporations exist to
generate profits for their shareholders. Private companies make a profit by
enticing consumers to buy their products in preference to their competitors' (or by
increasing primary demand for their products, or by reducing costs). Private
corporations ty pically profit more if they serve the needs of their clients well.
Corporations of different sizes may target different market niches in order to
focus on marginal groups and satisfy their demand. A company with good corporate
governance will therefore be incentivized to meet the needs of its customers
efficiently . Job gainsAs the economy becomes more efficient, more profits are
obtained and no government subsidies and less tax are needed, there will be more
private money available for investments and consumption and more profitable and
better-paid jobs will be created than in the case of a more regulated economy . 4.6
Privatization TechniquesAsset SalesIn Asset Sales privatization the government sold
out the enterprises to existing private firm or to a group of investors. It depends
upon the government to sell its share in fraction or in whole in Asset Sales
privatization, the traditional method of such privatization is auction, but 12
government may sometime sold out its enterprises directly to the investors
(Megginson,Nash, Netter, & Poulsen, 2004). Share-issue privatizationsThe Shareissue privatization (SIPs), in this way the government sells equity shares in the
public capital market which open to retailer and investor. This method is the most
significant method of privatization in terms of size and also one of the most
economical way s of privatization (Megginson, et al., 2004). Voucher privatizations
The Voucher privatization is similar to SIPs Privatization, in such privatization
the share are open to the masses, these Voucher normally free or very low cost and
are open to all masses, in other words we may say that it is another kind of SIPs
offered at low price (Megginson, et al., 2004).

5. FINANCIAL ANALY SIS OF PTCL#5.1 Financial Statement of PTCL Financial statement

of position of ptcl is in Appendix No 1Statement on comprehensive income is in
Appendix No 2Statement of cash flow is in Appendix No 3Statement of changes in
equity is in Appendix No 4

5.2 Management of PTCL and Current Financial PositionThe management of PTCL has
come in for criticism for its relatively slow response to the rapidly changing
world of technology . Nevertheless, if realistically compare today s PTCL with that
of the mid 90s we believe that the changes are significant and in a positive
direction. From single entry accounting sy stem to double entry ; multi
qualifications to a clean balance sheet; implementation of comprehensive tariff rebalancing and the reduction of a 90-day lead time for a connection to 24 hours.
These are extremely positive developments with a major impact on the operating
efficiency of the company . But the question is what positive changes brought the
privatization of the company .PTCL has a lot to do in areas such as:Organizational
reengineeringProper focus on HR restructuringMarketing, and implementation of
information sy stems for operational support,CRM, data warehousing, billing, and
customer care to even come close to its regional peers.COMPANY
PTCL
Sy mbolPTCIndustry Fixed Line TelecommunicationCurrent Stock
PricePKR 20.16Market CapitalizationPKR 87924 Million (On June 30, 2009)Recent
Results 2001 H 2010The PTCL Group Revenue of Rs 49.4 billion for the period under
review was 6% higher compared to the corresponding period last y ear. The revenue
earned by PTML (Ufone), the wholly -owned subsidiary of PTCL, was higher by 24%,
while PTCL s revenue was decreased by 5%. Cost of sales for PTCL increased by 0.5%.
PTCL s domestic voice revenue declined by 7% whereas International revenue
registered an increase of 3%. Operating profit was lower by 14.25% to Rs 6.2
billion. Other income increased by 18.6%, while finance cost declined by 48.6%. Due
to these positivities, the group s net profit of Rs 6.7 billion showed a 13% growth
compared to the same period last y ear. PTCL s Profit after Tax at Rs 5.354 billion
was slightly better than the same period last y ear because of better cost controls
and improved realization of receivables.Financial Performance Financial y ear 20052009During FY 09 PTCL faced a two-fold challenge of price attrition and escalating
costs. Due to the increasing competition in the telecom sector and shift in
customer preferences PTCL did not only provide more value to its customers by
introducing unified tariff for on-net calls but also introduced new services
specially focusing on areas of Wireless Broadband and Corporate services for
customer retention and enhancing its revenue stream. The following paragraphs
discuss in detail the financial performance of the company during the last 5 y ears.
During FY 09 the profit after tax of PTCL was Rs 9,151 million as compared to the
loss in FY 08 of Rs 2,825 million. The loss during the y ear FY 08 was because of the
organizational transformation measures taken by the company . These measures
included introduction and implementation of Voluntary Separation Scheme, Enterprise
Resource Planning Packages and different innovative services. Furthermore, the
decline in PTCL s profits during FY 07 were due to the structural adjustments
brought about in the telecom sector due to increasing competition, and increasing
substitution of mobile expansion. Also, the operating expenses in FY 07 increased by
11.7% due to prudent provisions for doubtful debts and long-term sy stematic
improvement in operation and customer services. The revenues in FY 09 stood at Rs
59,239 million, which were 10.7% lower than the last y ear. Revenues from voice
continued to decelerate with an increasing rate of decline in fixed telephony due
to aggressive price competition, higher taxation and mobile substitution. The
revenues from the local telephony declined from a level of Rs 60,704 million in
FY 08 to Rs 53,093 million FY 09.However, the revenues from the international
telephony increased from Rs 5,632 million in FY 08 to Rs 6,199.5 million in FY 09.
The total revenues in FY 07 were Rs 65.28 billion as compared to Rs 69.09 billion in
FY 06. This decline was mainly in the domestic segment due to competition and
reduction in tariffs. However the management is making efforts to boost revenues by
improving customer care in addition to launching new packages and services.The
decline in the profits of the company due to the above-cited reason has led to a
decrease in the gross margin percentage also. The gross margin or operating profit
margin of PTCL declined in FY 09 to 18.15% from 24.67% in FY 08 and 26.33% in FY 07.
The reason for the decline in the operating profits has been increasing in the cost
of selling, and marketing and selling expenses. This increase is attributable to
the introduction of new services and packages and launching of campaigns to

increase awareness of multimedia and broadband. The foreign operators cost and
satellite charges increased to a level of Rs 6,053 million in FY 09 from Rs 3,541
million in FY 08. Vigorous efforts were exerted during the y ear to collect overdue
receivables culminating in reduced level of provision required for doubtful debts
and thus decreasing Administrative and General Expenses to Rs 8.935 billion
compared to Rs 10.824 billion last y ear, ie a saving of 17.45% on this account.
Also the net margin of PTCL has shown a declining trend over the last 5 y ears. It
declined from 30.46% in FY 05 to 15.45% in FY 09.The declining income after tax has
been the prime reason for the decline in net margin. Moreover, the declining net
income has also led a decline in the return on operating assets and return on
equity over the past y ears. The return on operating assets stands at 10.96% in FY 09
as compared to -3.34% in FY 08, 18.76% in FY 07, 25.53% in FY 06 and 34.83% in FY 05.
Similarly the return on equity stands at 9.28% in FY 09 as compared to -2.71% in
FY 08, 14.45% in FY 07, 20.22% in FY 06 and 25.45% in FY 05.The liquidity position of
PTCL has shown a fluctuating trend over the last 5 y ears. The current ration
declined to 1.5 in FY 09 as compared to 1.81 in FY 08 and 2.19 in FY 07. The current
assets increased by 36.9% in FY 09 from the FY 08 levels of Rs 39.6 billion. The
increase was noted in short-term investments, which grew by about 103%. These
investments are in the form of short-term deposit placements with different banks.
The current liabilities grew by 64.7% in FY 09 from FY 08. The current liabilities
stood at Rs 21.9 billion in FY 08 as compared to Rs 36.1 billion in FY 09. Increase
has been in the amount of current portion pay able to PTA against the WLL licence
fee, the amount pay able is Rs 1,953 million. Also trade and other pay ables have
registered a growth of 20% in FY 09 to Rs 26,114 million from the FY 08 levels of Rs
21,731 million. These pay ables include the sales tax pay able and advances from the
customers. Combined these two have grown by 71% in FY 09 from FY 08 levels. (FY 09: Rs
2,918 million, FY 08: Rs 1,704 million). Similarly , the quick ratio of the company
has shown a fluctuating trend. It declined from 1.58 in FY 08 to 1.36 in FY 09. There
has been a slight increase in the stores and spares. They increased by Rs 248
million in FY 09 from the FY 08 levels.The DSO of PTCL has shown a mixed trend. The
ratio jumped up considerably in the FY 06, completely nullify ing the effect of the
decline in FY 05, and exacerbating the already long collection period of the
company . However, DSO showed a decline in FY 07 showing that management of PTCL was
constantly striving for improvement and enhancement despite stiff competition. It
then again increased in FY 08 due to increases in trade debts and considerable fall
in revenue by almost 6%. The DSO declined in FY 09 and this is attributable to the
better receivable management that reduced the trade debts from Rs 13.366 billion in
FY 08 to Rs 10.761 billion in FY 09, a reduction of Rs 2.605 billion.The total asset
turnover of PTCL has also been showing a decline in the last 5 y ears. It declined
from 0.56 in FY 05 to 0.38 in FY 09. The reason for this is the decline in sales and
increase in assets. The total assets of the company increased in FY 09 to Rs 154
billion from Rs 137 billion in FY 08. A major shift was seen in capital work in
progress, which increased by 25% in FY 09 from the FY 08 levels of Rs 7.8 billion.
Long-term investments have also shown a growth. They grew in FY 09 by 55% from the
FY 08 levels (FY 08: Rs 3,607 million, FY 09 Rs 5,607 million) and the long-term loans
grew tremendously by 743% in the same period (FY 09: Rs 3,332 million, FY 08: Rs 394
million). The increase in long-term investments was due to the advance given to
Pakistan Telecom Mobile Limited for issuance of ordinary shares. The increase in
long-term loans was due to the loan given to the subsidiary Pakistan Telecom Mobile
Limited under a subordinated debt agreement. The debt to asset ratio of the company
had declined considerably in the FY 05 but the trend reversed in the FY 06, declining
again in FY 07. It is important to notice that the company has a provision of
leveraging by raising funds through borrowing money from financial institutions.
The change in current liabilities was brought about mostly due to a decline in
current liabilities of the company in the FY 05 and an increase in the same in the
FY 06. The absence of the dividends pay able portion of current liabilities in FY 05
and its coming back online in FY 06 was an important contributor to the trend.
Furthermore, the FY 06 also saw an increase in short term borrowings of the company ,
complemented by increases in other components of current liabilities. Increases in

assets, mainly arising from higher cash and bank balances, could not prevent the
trend of the debt ratios. The debt to asset ratio has again increased in FY 09 to
36% from the previous level of 29% in FY 08 due to an increase in the liabilities of
the company .There has been a major jump in the current liabilities due to the
reasons cited in the previous paragraphs.
The long-term liabilities also increased by 5% in FY 09 due to an increase in
deferred government grants, these represent grants received from Universal Service
Fund (a government formed agency ) mainly relating to property , plant and equipment
received as assistance towards development of the telecommunication infrastructure
in rural areas and include telecom infrastructure project for (i) basic telecom
access in Pishin, Mansehra, Dadu and Larkana; (ii) Optical fibre extension Balochistan Package - 2; (iii) Broadband projects in Faisalabad, Sargodha Civil
Division, Multan, Bahawalpur, Dera Ghazi Khan Civil Division and Hy derabad Civil
Division. These reasons have also caused fluctuations in the debt equity ratios of
PTCL.The financial strength of the PTCL was satisfactory till the y ear FY 07 but it
was alarming in FY 08, as the TIE ratio had fallen considerably . The TIE ratio of
the company continued to rise in the FY 06 despite lower profits during the period.
However, it declined in FY 07, as a result of decrease in profits. This reflects the
little ability of the company to pay off its liabilities as they become due. The
major portion of debt arises from current liabilities. The TIE ratio became
negative in FY 08 due to the losses suffered but then it improved in FY 09.The EPS of
PTCL has shown a fluctuating trend in accordance with the net profitability of the
company . It declined from Rs 5.22 in FY 05 to Rs 1.79 in FY 09. It was negative 0.55
in FY 08 due to the losses suffered. Dividends have also seen the fluctuating trend
over the past 5 y ears. The dividend pay out was around 38.34% in FY 05 and has now
increased to 83.6% in FY 09. However in real terms the DPS have declined from PKR
5/share in FY 06 to Rs 1.5/share in FY 09. The stock price of the company has also
seen a fluctuating trend. It stood at Rs 70.25 in FY 05 but on June 30, 2009 it has
declined to Rs 17.24. Currently the share is being quoted at KSE around Rs
20/share.The graph above shows the trend in the variation of stock price of PTCL
and the KSE 100 Index over the last y ear. The stock has a beta of 1.06, which means
that the returns on the stock are positively correlated with the market. The
maximum price reached by the stock during the period starting 1 January 2008 and
ending 24 February 2010 was Rs 50.80/share on April 18, 2008; and the minimum level
during the same period was Rs 12/share on 26 January 2009. The current stock price
is around Rs 20/share.Financial Analy sis

FY 05 FY 06
FY 07
FY 08
FY 09Profitability Revenue (PKR Million)
87356
69085710686633659239Profit after Tax (PKR Million)26606 20777
15639-28259151Gross Margin %
41.63 34.5 26.33
24.67 18.15Net Margin %
30.46 26.16 22.01 4.26 15.45Return on Assets %
34.83 25.53 18.76 -3.34
10.96Return on Equity %
25.45 20.22 14.45 -2.719.28
Liquidity Current Ratio (Times)
1.89 1.66
2.19
1.81
1.5Quick Ratio (Times)
1.73 1.54
2.03
1.58
1.36Market ValuationEPS5.224.073.07 -0.551.79
DPS2
5
2
0
1.5Market Value per Share
(as on June70.2540.65738.6417.24}Asset ManagementDay s Sales
Outstanding73.52 83.69 62.93 78.7766.3Total Asset
Turnover0.56 0.45
0.43 0.44 0.38Debt ManagementDebt/
Equity 36% 44% 38% 43% 55%Debt/Asset27%
31%27% 29% 36%TIE
86.3592.07 46.54 5.2615.43#DISCLAIMER No reliance should be placed on the [above information] by
any one for making any financial, investment and business decision. The is general
in nature and has not been prepared for any specific decision making process. The
newspaper has not independently verified all of the [above information] and has
relied on sources that have been deemed reliable in the past. Accordingly , the
newspaper or any its staff or sources of information do not bear any liability or
responsibility of any consequences for decisions or actions based.5.3 Accounting
Sy stem & PracticesPTCL does not have a very sophisticated accounting sy stem. Since

the company had changed its single entry based accounting sy stem to a Double-Entry
based mechanism just a few y ears ago, majority of the areas still lack the full
acceptability of Generally Accepted Accounting Principles (GAAP):Revenue
RecognitionThe revenue recognition policy of the company is not exactly on an
accrual basis. Rather the company incorporates all billed revenues, and ignores the
actual call traffic at the closing date of any fiscal period. This signifies that
revenues are generally underreported.Cost SideHowever, the cost side is based on
the accrual sy stem. This shows that the company is not optimizing the use of the
Matching Concept in its accounting sy stem.Fixed Capital Expenditures & Depreciation
The company uses the straight-line Depreciation Method. The full-y ear charge is
applied on additions while no depreciation is charged on deletions. This is
technically one of the correct methods. However, knowing the nature of CAPEX in the
company , our analy sis suggests that at times, entire lots of lines come just at the
end of the y ear. It would be more useful if the company operates on a sy stem where
it charges proportionate depreciation on fixed assets.Employ ees Retirement
BenefitsThe company operates a funded pension scheme for permanent employ ees.
Actuarial valuations are carried out once in three y ears. The latest was done on
June 30, 2002. The company has a non-funded provident fund scheme for its permanent
employ ees.

6. IMPACT OF PRIVATIZATION6.1 PTCL and Pakistan Economy Working at PTCL

Telecommunications is now an integral part of the social, economic and political
fabric of the world. As we embrace new technologies and make the world of global
communications accessible to more people in more way s we perfect the art of
bringing people together. With this new vision and many new opportunities to excel,
PTCL offers a continually challenging and professionally rewarding experience be
it in data networks, Internet, mobile networks, information technology , finance or
sales managementCorporate Customer CentersPTCL Corporate Customer Centre is a onepoint contact facility designed to give our valued Corporate Customers maximum
convenience with personalized and prompt service. These centers will facilitate
Corporate Customers in.New service provisioningMaintenance supportEnd-to-end
communication solutions provisioningObjectivePTCL has established Corporate
Customer Centers to facilitate corporate customers. Currently , these centers have
been established in Islamabad, Karachi and Lahore. Our aim is to provide better
customer care through:Swift processing of Corporate Customer requests.One window
for all Telecom Services.Convenient registration procedure.Minimum documentation
for hassle-free registration.Services Offered at Corporate Customer CentresPTCL
offers a host of unmatched services to suit the needs of a business organization.
Basic Services (PSTN Lines)VoiceData & VideoVoice Messaging Service (VMS)Value
Added ServiceUniversal Access Number (UAN).Universal Internet Number (UIN) - for
ISP's Licensed only ).Intergrated Services Digital Network ISDN-PRI, ISDN-Tele Plus.
Local/Domestic/International Leased bandwidth and point to point
leased lines.Local Leased Circuits (2 Wire/4 Wire).Premium Rate Audio-Text Service.
Digital features like Call Waiting, Call Transfer etc.Calling Line Identification
(CLI) service.Voice Mail & Messaging Services.Digital Subscriber Loop (DSL).
Colocation FacilitesPay phones/PABX.Channel/Stream.IN Based Value Added Service0800
Toll FreePTCL Calling Cards Domestic & InternationalPremium Rate (0900) & Virtual
Private Network Service.Registration at Corporate Customer CentersSimply fill
out the Corporate Customer Registration Form and get Corporate Customer
Registration Number. This will serve as a reference for all communication between
y ou and PTCL, and will help avoid multiple submissions of documents for additional
services that y ou may require in future.Pre-RequisitesTo register with PTCL, y ou
are required to provide the following:Company registration number.NTN number at the
time of registration.Company authorized representative details.Corporate Customer
CentersIslamabad#PTCL F-8 Exchange#Nazim-Ud-Din Road#F-8/1, Islamabad#ph: 051 111 20 20 20#Fax: 051 - 111 21 21 21## HY PERLINK
"http://webmail.ptcl.net.pk/owa/redir.aspx?
C=afb087228fa1460a9ca6b256921477c5&URL=mailto%3aShahzad.khalil%40ptcl.net.pk"
#Shahzad.khalil@ptcl.net.pk##Karachi#Corporate Customer Centre#Ground Floor, DG
Office,#Hatim Alvi Road, Clifton, Karachi.#Ph: 021 - 111 20 20 20#Fax: 021 - 111
21 21 21#Email:# HY PERLINK "http://webmail.ptcl.net.pk/owa/redir.aspx?
C=59949dfbc81042d0ae57c61e4e3a747c&URL=mailto%3asalman.khan%40ptcl.net.pk"
#salman.khan@ptcl.net.pk##Lahore#Corporate Customer Centre#26A Civic Centre#Barkat
Market, Garden Town, Lahore.#Ph: 042 - 111 20 20 20#Fax: 042 - 111 21 21
21#Email:# HY PERLINK "mailto:basharat.qureshi@ptcl.net.pk"
#Basharat.qureshi@ptcl.net.pk###After deruglation of telecommunication industry ,
the sector has seen an exponential growth.# HY PERLINK
"http://en.wikipedia.org/wiki/Pakistan_Telecommunication_Company _Ltd" \o "Pakistan
Telecommunication Company Ltd" #Pakistan Telecommunication Company Ltd#has emerged
as a successful# HY PERLINK "http://en.wikipedia.org/wiki/Forbes_2000" \o "Forbes
2000" #Forbes 2000#conglomerate with over US $1 billion in sales in 2005. The
mobile telephone market has exploded fourteen-fold since 2000 to reach a subscriber
base of 91 million users in 2008, one of the highest mobile teledensities in the
entire world.In addition, there are over 6 million landlines in the country with
100% fibre-optic network and coverage via WLL in even the remotest areas.As a
result, Pakistan won the prestigious Government Leadership award of# HY PERLINK
"http://en.wikipedia.org/wiki/GSM_Association" \o "GSM Association" #GSM
Association#in 2006. The contribution of telecom sector to the national exchequer
increased to Rs 110 billion in the y ear 2007-08 on account of general sales tax,

activation charges and other steps as compared to Rs 100 billion in the y ear 200607.The World Bank estimates that it takes about 3 day s only to get a phone
connection in Pakistan. In Pakistan, following are the top mobile phone operators#
HY PERLINK "http://en.wikipedia.org/wiki/Mobilink" \o "Mobilink"
#Mobilink#(Parent:# HY PERLINK
"http://en.wikipedia.org/wiki/Orascom_Telecom_Holding" \o "Orascom Telecom Holding"
#Orascom Telecom Holding#, Egy pt)# HY PERLINK
"http://en.wikipedia.org/wiki/Ufone" \o "Ufone" #Ufone#(Parent: PTCL (# HY PERLINK
"http://en.wikipedia.org/wiki/Etisalat" \o "Etisalat" #Etisalat#), Pakistan/UAE)#
HY PERLINK "http://en.wikipedia.org/wiki/Telenor" \o "Telenor" #Telenor#(Parent:#
HY PERLINK "http://en.wikipedia.org/wiki/Telenor" \o "Telenor" #Telenor#, Norway )#
HY PERLINK "http://en.wikipedia.org/wiki/Warid" \o "Warid" #Warid#(Parent: Abu
Dhabi Group /# HY PERLINK "http://en.wikipedia.org/wiki/SingTel" \o "SingTel"
#SingTel#, UAE/Singapore)# HY PERLINK "http://en.wikipedia.org/wiki/Zong" \o "Zong"
#Zong#(Parent:# HY PERLINK "http://en.wikipedia.org/wiki/China_Mobile" \o "China
Mobile" #China Mobile#, China)By March 2009, Pakistan had 91 million mobile
subscribers - 25 million more subscribers than reported in the same period 2008. In
addition to 3.1 million fixed lines, while as many as 2.4 million are using
Wireless Local Loop connections. Sony Ericsson, Nokia and Motorola along with
Samsung and LG remain to be the popular brands among customers.Pakistan is on the
verge of a telecom revolution and it is by far the most attractive sector in
Pakistan in terms of Foreign Direct Investment coming into the country . Since
liberalisation, over the past four y ears, the Pakistani telecom sector has
attracted more than $9 billion in foreign investments.[During 2007-08, the
Pakistani communication sector alone received $1.62 billion in Foreign Direct
Investment (FDI) about 30% of the country s total foreign direct investment.
Present growth of state-of-the-art infrastructures in telecom sector during the
last four y ears has been the result of the PTA's vision and implementation of
deregulation policy .# HY PERLINK
"http://en.wikipedia.org/wiki/Paging_(telecommunications)" \o "Paging
(telecommunications)" #Paging#and mobile (cellular) telephones were adopted early
and freely . Cellular phones and the Internet were adopted through a rather#
HY PERLINK "http://en.wikipedia.org/wiki/Laissez-faire" \o "Laissez-faire" #laissezfaire#policy with a proliferation of private service providers that led to fast
adoption. With a rapid increase in the number of Internet users and# HY PERLINK
"http://en.wikipedia.org/wiki/Internet_service_provider" \o "Internet service
provider" #ISPs#, and a large English-speaking population, Pakistani society has
seen an unparalleled revolution in communications.According to the# HY PERLINK
"http://www.pcworld.com/article/158700/guess_which_county _texts_the_heaviest.html"
#PC World#, a total of 6.37 billion text messages were sent through Acision
messaging sy stems across Asia Pacific over the 2008/2009 Christmas and New Y ear
period. Pakistan was amongst the top five ranker with one of the highest SMS
traffic with 763 million messages.Pakistan is ranked 4th in terms of broadband
Internet growth in the world, as the subscriber base of broadband Internet has been
increasing rapidly . The rankings are released by Point Topic Global broadband
analy sis, a global research centre.Pakistan has more than 20 million Internet users
in 2009.The country is said to have a potential to absorb up to 50 million mobile
phone Internet users in the next 5 y ears thus a potential of nearly 1 million
connections per month.Almost all of the main government departments, organisations
and institutions have their own websites.The use of# HY PERLINK
"http://en.wikipedia.org/wiki/Web_search_engine" \o "Web search engine" #search
engines#and# HY PERLINK "http://en.wikipedia.org/wiki/Instant_messaging" \o
"Instant messaging" #instant messaging#services is also booming. Pakistanis are
some of the most ardent# HY PERLINK "http://en.wikipedia.org/wiki/Online_chat" \o
"Online chat" #chatters#on the Internet, communicating with users all over the
world. Recent y ears have seen a huge increase in the use of online marriage
services, for example, leading to a major re-alignment of the tradition of#
HY PERLINK "http://en.wikipedia.org/wiki/Arranged_marriage" \o "Arranged marriage"
#arranged marriages#.As of 2007 there were six cell phone companies operating in

the country with nearly 90 million mobile phone users in the country .# HY PERLINK
"http://en.wikipedia.org/wiki/Wireless_local_loop" \o "Wireless local loop"
#Wireless local loop#and the# HY PERLINK
"http://en.wikipedia.org/wiki/Landline" \o "Landline" #landline#telephony sector
has also been liberalized and private sector has entered thus increasing the #
HY PERLINK "http://en.wikipedia.org/w/index.php?
title=Teledensity _rate&action=edit&redlink=1" \o "Teledensity rate (page does not
exist)" #teledensity rate#. In mid-2008, the Local Loop installed capacity reached
around 5.5 million.Telecom industry created of 80,000 jobs directly and 500,000
jobs indirectly .The#
HY PERLINK "http://en.wikipedia.org/wiki/Federal_Bureau_of_Statistics" \o "Federal
Bureau of Statistics" #Federal Bureau of Statistics#provisionally valued this
sector at Rs.982,353 million in 2005 thus registering over 91% growth since 2000.
PTCL 2009/10 Net Profit Reaches to 9.29 BillionPakistan Telecommunication Company
Limited (PTCL) Net Profit of financial y ear 2009/10 reaches to 9.29 billion rupee
($108.5 million) which mean the PTCL per share is now Rs. 1.82 and there is
slightly increase in the profit of PTCL if we compare it to the last y ear profit
which was 9.15 billion in last financial y ear. But the revenue of the PTCL for the
last quarter of the financial y ear was lower than the last y ears for same quarter;
revenue of PTCL for this y ear in 4thQuarter is 57.17 billion rupees lower than
previous which was 59.24 billion rupees, Said by PTCL in Karachi Stock exchange.
PTCL operating income reaches to 5.13 billion rupees in this y ear, which was 4.26
billion rupees in the last y ear. PTCL had to pay a one-time cost for a voluntary
redundancy scheme in the 2008/09 fiscal y ear. PTCL attributed the rise in net
profit to dividend income and interest pay ments on a loan Rs. 5 billion loan to
mobile subsidiary Ufone. PTCL also received Rs. 330 million in dividends paid by
Ufone.PTCL Employ ees Demand Implementation on 50% ad hoc ReliefLAHORE, August 02,
2010 (Balochistan Times): The Pakistan Telecom Employ ees Union (# HY PERLINK
"http://acrony ms.thefreedictionary .com/PTEU" #PTEU#) has demanded the government
give the 50 percent# HY PERLINK "http://ency clopedia2.thefreedictionary .com/Ad+Hoc"
#ad hoc#relief allowance to Pakistan Telecommunication Limited (# HY PERLINK
"http://acrony ms.thefreedictionary .com/PTCL" #PTCL#) employ ees like other
departments which was announced in the federal budget 2010-11. Addressing a press
conference at the Lahore Press Club on Monday , secretary general PTEU Hasan
Muhammad Rana said that the PTCL management was not cooperating with employ ees in
this regard. He said that due promotion was not being given to employ ees even after
12 y ears. The general secretary said that PTCL annual revenue had reached Rs 60.39
billion because of efforts of employ ees and if the management decided to pay ad hoc
relief, only Rs 700 million would be paid to the employ ees. He said the PTCL
president was not following the federal government directives on an increase in
salaries. He said that promotion cases and bonus should be given to employ ees or
the PTEU would go on strike and stage protest demonstrations all over the country .
Malik Maqbool Hussain, Amad-ul-Hasan Qureshi, Haji Zahid and other PTEU leaders
were also present.6.2 Financial Aspects of PTCLIn the last few y ears the impact of
Re-regulation and increase of competition in the telecommunication industry of
Pakistan has been increasingly mounting pressure on PTCL. PTCL has launched its
profit of Rs. 15.64 billion for the period of 2007 compare to last y ear profit of
20.78 billion. The decreasing trend in the profit was due to the structural change
brought by the competitors in the telecom market. PTCL remain leader in fixed line,
however there was decrease in revenue by 5.5% due to huge entry of different
telecom companies in the market. There was increase in operation expenses by 11.7%
mostly due to sy stematic developments in the operations and customer service and
provisions for doubtful debts. The total revenue for the financial y ear 2006-07 was
Rs.65.28 billion against the previous y ear revenue of 69.09 billion. The main
reasons for the reductions in the revenue are reductions in tariffs and heavy
competition in the market. (PTCL, Annual Report 2007) To succeed in this highly
competitive telecom market and to meet the increasing challenges, PTCL has taken
certain necessary steps for organizational revolution. These steps include
Enterprise Resource Planning Packages, introduction & implementation of Voluntary

Separation Scheme (VSS), as well as penetrating new innovated services. However,

the profitability of the Company for the y ear ended June 30, 2008 suffered due to
amalgamation of a massive VSS cost amounting to Rs. 23.94 billion. Because of these
steps company bears a net loss of Rs. 2.82 billion against previous y ear's net
profit of Rs. 15.64 billion.As PTCL,
1,271,699TeleCard,
609,316
WorldCall,
543,881Great Bear,
45,029Wateen,
60,785Others, 16,582WLL
Subscribers April 200938 discussed above the decreasing trend the subscriber and
the ultimate affect on the revenue is not just for PTCL but also for two other
companies who have the largest share in the cellular market in 20000, table 4.3 and
figure 4.4 show these results( PTCL, Annual Report 2008). Another reason for the
decrease in the revenue is the decrease in the tariff, if we look at table 4.2
there is huge decrease in the international tariff from Rs.26/per minute to Rs.
2/per minute so it ultimately affect the revenue.The total revenue for financial
y ear 2007-08 was Rs. 61.09 billion compares to previous y ear revenue of Rs. 65.28
billion. The decreasing trend in the revenue was due to huge penetration by mobile
business and tight market competition. Due to improved operational controls, the
Company managed to reduce its operating costs to Rs. 44.7 billion as compared to
Rs. 46.6 billion last y ear. The non-operational income of the company is also
affected by the huge outflow of the financial reserves in the shape of VSS
(Voluntary Separation Scheme). But the implementation of VSS scheme can help the
company to understand certain savings in the last quarter against allowances and
salaries. (PTCL, Annual Report, y ear ended June 30, 2008) Following are the
financials highlights of the PTCL.#Despite the severe competition in the Telecom
market, the Company management is confident that after successful execution of new
initiative and implementation of improved strategies, it will increase the revenue
and shareholders value with quality and low cost services while making improvement
in the operational competence (Ibid).6.3 PTCL and Financial Health 2010#########6.4
Special Issues of TelecomSpecial Issues of Telecom Reforms in Developing Countries
Developing nations have realized the ample importance of privatization reforms in
the development level and progress of a country . It is experienced that efficiency
gains can be quickly met by adopting privatization policy and that such initiative
would lead a country towards technological innovation and resulted in high growth
rate in the long run. One of the reason of privatization is increased competition
in which each organization tends to improve its management and provision of better
services become necessary that leads to innovation and development.
(Ibid.,Notwithstanding, telecommunication sector experienced some unique
difficulties. Such problems should be overcome in order to derive the positive
effects. Following are the major hurdles hampering progress of Telecommunication
Sector (Ibid.,)Incomplete InfrastructureInfrastructure play s a vital role in the
progress and development of any sector. As a general notion, developing nations
face a bigger problem with incomplete or inefficient telecommunication
infrastructure (Ibid).In fact, existing telecommunication facilities in most of
developing countries is either of insufficient capacity or outdated. So it is
important to extend the circle of telecommunication services country wide by
installation of new technology and by broadening the range of telecommunication
facilities available even in the rural areas of the country . It is argued that
there is a need to restructure the currently operating companies in order to
satisfy and fulfill the increasing demands and to meet the standard growth targets
(Ibid).Scarce Human ResourcesLiteracy rate is a good indicator of a country
development level because education play s a vital role in the progress of a
society . It is deemed that there is a limited number of education professionals in
most under developed countries. Developing Countries are not only lacking the
competent telecommunication engineers & technicians but also there is a shortage of
other business professionals like Managers, Accountants and Computer Specialists
that are considered as key personnel to run a telecommunication organization.
(Ibid.,) Another point against telecommunication sector reforms is due to the
reason that even so developing countries are lacking well education professionals
hence they cant employ more percentage of qualified scholars in a particular
sector like telecommunication at the cost of other sectors. This means that

developing countries has to assign the limited number of 15 technicians, engineers

and other professionals to each of its sectors, telecommunication sector is one of
them. Aforementioned shortages limit the range of sector designs that are viable,
especially in the least developed countries of sub-Saharan Africa and some parts of
Asia (Ibid.,)Paucity of InformationAnother problem with telecommunication sector is
that there is no more operating information available about this particular sector.
It is a common notion in under developed countries that Accounts are usually not
maintained according to the IAS (International Accounting Standards) & GAAP
(Generally Accepted Accounting Principles) (Ibid.) Another problem faced by
telecommunication sector is that financial statement are either audited on
irregular basis or even in some extreme cases never audited. Hence information
about liabilities especially about due debt is not reliable. Further information
about assets like plant, Network utilization, telephone connections & other
importance assets is outdated & alway s remains incomplete due to less availability
about operating history . Such fallacies inthe practice prove
to be a hurdle in the way of progress of telecommunication sector development
(Ibid.)Undeveloped Local Capital MarketsAnother problem with telecommunication
sector of underdeveloped countries is poorly established local capital markets.
Only a few developing countries are able to manage well established local capital
markets. Otherwise, in majority of the countries stock markets are either operating
in a small context or even nonexistent in some cases. Further other companies
including insurance & leasing which can utilize the savings of the people toward
development of the industrial sector are rare to find. (Ibid.,) Developing
countries are facing a big issue with the provision of big industrial companiesand
because mostly rich families tend to make investment in those countries where they
reveal more profitability so such companies demand high rate of return on their
underly ing investment. There is also a shortage of available financing in
developing countries. Provision of debt is either not available or only available
on complex terms & conditions. Microfinance facilities are unreliable & most
importantly expensive to meet due to high interest rate levied on the debt. In
nutshell, the market efficiency of developing countries tends to low and market
sy stem to effectively use the savings in large investments required by
telecommunication sector is rare to find. (Ibid.,) 16Weak Legal, Regulatory , and
Institutional FrameworkAnother important big problem among developing countries is
the presence of weak legal, regulatory and institutional framework. Poor progress
of institutions tends to place a negative effect on the country development level &
hampers growth rate. Many of these countries are pay ing attention to such reform
that would bring about revolution in the hierarchy of the institutions & would lead
to a competitive work place & open economy (Ibid.,) Weak legal, regulatory
framework includes poor enforcement of property rules andRegulations, inadequate
and outdated trade laws. Likewise, telecommunication law in underdeveloped
countries is outdated and old enough and in some other cases there is no presence
of proper telecommunication law but instead telecommunication law is merged withLaw
governing to some other sector with which it may not resembles in reality . Such a
weak regulatory and institutional sy stem is a big problem in the way of progress of
telecommunication companies (Ibid.,).Limited Interest of Foreign Investors and
BanksForeign investment is believed to be a viable source of development and growth
of a country . Though a number of developing countries are now taking initiative to
call for private investment in the telecommunication sector including foreign
investment but y et such reforms are rare in practice because only a few investors
would give attention to such proposal.(Ibid.,)Foreign companies are hesitant to
invest in these countries due to increasing level of political risk and
uncertainty . Although multinational companies are doing investment in most of the
developing companies but either these companies are doing investment in their own
subsidiaries or in a very small amount that is not enough for establishment of a
big telecommunication set up. Above all, presence of commercial banks in developing
countries is relatively low and these banks are hesitant to offer loan facilities
without external guarantee or personal collateral and are misused by political
pressure (Ibid.,).

7. CONCLUSION AND RECOMMENDATIONS7.1. ConclusionAs we know that each activity has

pros and cons or positive and negative impacts, similarly the phenomenon of
Privatization also have impacts on both grounds. If we look at the whole study we
can find that privatization has the following Negative impacts on the performance
and development of PTCL;Decrease in Subscribers: Due to privatization PTCL
subscription level is getting low, because of poor customer services and the
obsolete wired technology which alway s have problem of disconnection. While the
competitors have international experience in customer services and they have the
latest technology which attract customer to use their services.Decrease in Revenue
the revenue was mainly decreases due to market competition and the ultimate decline
in the tariff and subscribers. There is a huge decline in the tariff from Rs.26 in
2003-04 to Rs. 2 in 2007-08 which badly impact the revenue of the organization.
Decrease in Employ ment PTCL is in the process of employ ees lay off and provide huge
amount to separate unskilled personnel beside this there is a turnover of the
skilled employ ees as competitors offers more attractive packages as compare to
PTCL. Beside this privatization also cast some significant impacts on PTCL:
Induction of New Technology : The most important impact of privatization on PTCL is
the induction of New Technology . Although PTCL is still stay ing behind the rest of
the market competitors but due to privatization it is now in the process of
adopting new and latest technology like 3G, Which will give competitive edge in
future. Improvement in customer services: Keeping in view the customer services of
competitors PTCL has also making steps towards further improvements in their
services to attract more customers, which were simply not possible as state run
enterprise. Increase in Competition: Privatization alway s encourage healthy
competition based upon good services and cheap prices where the end benefits goes
to the customers, which alway s favors further growth of the Industry . While
study ing the case of Telia, and keeping in mind the current situation of PTCL. It
has been observed that PTCL is not in a bad condition. PTCL is in the same
condition as Telia (the world leading telecommunication company ) were after
privatization. After privatization 64 Telia has reduced its overall cost by
reduction in employ ees, outsourcing, acquiring the latest technology and providing
the cheap services to its customers as compare to their competitors. PTCL have to
introduce innovative products and services and should revise the human resource
policies such as hiring right person for the right job. To remain the leader in the
telecom sector PTCL has to give importance to its customers by offering low charges
and high quality service. In nut shell privatization alway s leads to efficiency but
not in short run.7.2. RecommendationsSome suggestions are enumerated hereunder for
the improvement of the PTCL as say s There is alway s room of improvement.
Recommendations suggest improvements in areas, which have capacity for polishing
and progress. The suggestions are as under:-ServicesOn the bases of our study it is
clear that PTCL customers care services are not in line with its business.
Customers care service unit of PTCL is unskilled and unqualified. While competitors
main competitive advantage are their reliable and customers friendly services. It
is observed that PTCL customers are not satisfied with the customers care services,
particularly billing sy stem and complaint processing sy stem. It is recommended that
staff of customers care services must be qualified and trained with in the area of
customers services so that they can facilitate customers properly . There must be
proper complaints management sy stem, which can handle customers complaints on
daily bases. Subscribers of landline in the rural areas are suffering from
disconnection due to many reasons for which customers makes complaints, takes weeks
to connect. If this problem is being resolved, usage of those lines will be
increase which ultimately contributes to the revenue.Substitute to LandlineThe
problem of landline disconnection in rural areas can be resolved with the wireless
substitute called V-phone (WLL). The demand of V-Phone is at hike day by day due to
avoid the complications of Cable sy stem. It has another advantage that this
technology is also economical as well as feasible in remote & far flung areas where
this facility may be provided easily . It also carries less maintenance expenditure.
PTCL should increase the coverage of V-Wireless communication to the rural areas.65
Technological ImprovementAlthough PTCL is adapting new technology after

privatization but the pace of acquiring the latest technology is very slow. All the
competitors are very advance in acquisition of new technology . In order to become a
leader in telecom market PTCL must acquire the latest technology like, 3G and 4G.
In the same way Internet services around the world are growing swiftly so in this
global world PTCL has no exception to cater the requirement of modern era.Common
AwarenessAs the PTCL is undergoing post privatization process it is inevitable that
all employ ees at every level must be well conversant with the latest Technology ,
Marketing tactics, Computer inventions in order to meet with the present era
requirements, so that they may utilize their talent & abilities to improve the
overall performance of the entity .

BIBLIOGRAPHY Websites# HY PERLINK "http://www.ptcl.com.pk/" ##www.ptcl.com.pk/#PTA,

wireless local loop subscribersRetrieved May 10, 2009, from
http://www.PTA.gov.pk/index.php?
option=com_content&task=view&id=649&Itemid=602&bold=land%20line%20subscriberPTCL.
Annual report of PTCL for the y ear ended June 30, 2006Retrieved March 15, 2009 from
# HY PERLINK "http://www.PTCL.com.pk/financials.php"
##http://www.PTCL.com.pk/financials.php#Retrieved May 10, 2009, from# HY PERLINK
"http://www.PTCL.com.pk/contentb.php?NID=133"
##http://www.PTCL.com.pk/contentb.php?NID=133## HY PERLINK
"http://www.brecorder.com/index3.php?
id=1094115&currPageNo=1&query =&search=&term=&supDate="
#http://www.brecorder.com/index3.php?
id=1094115&currPageNo=1&query =&search=&term=&supDate=## HY PERLINK
"http://www.riazhaq.com/2010/03/privatization-of-key -state-functions-in.html"
#http://www.riazhaq.com/2010/03/privatization-of-key -state-functions-in.html#SBP,
Balance Sheet Analy sis # HY PERLINK "http://www.sbp.org.pk" ##www.sbp.org.pk#
Articles# HY PERLINK "http://telecompk.net/2007/09/04/ptcl%E2%80%99s-privatizationthe-biggest-financial-scam-in-pakistan%E2%80%99s-history /"
#http://telecompk.net/2007/09/04/ptcl%E2%80%99s-privatization-the-biggestfinancial-scam-in-pakistan%E2%80%99s-history /## HY PERLINK
"http://www.wsws.org/articles/2005/jun2005/paki-j04.shtml"
#http://www.wsws.org/articles/2005/jun2005/paki-j04.shtml#Security forces poised to
attack occupationAppendexFinancial statement of position of ptcl is in Appendix No
1#Source. PTCL Website#Source. PTCL WebsiteStatement on Comprehensive income is in
Appendix No 2#
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#######################################ource. PTCL WebsiteStatement of Cash flow is
in Appendix No 3#Source. PTCL WebsiteStatement of Changes in equity is in Appendix
No 4#Source. PTCL Website## # HY PERLINK "http://telecompk.net/2007/09/04/ptcl
%E2%80%99s-privatization-the-biggest-financial-scam-in-pakistan%E2%80%99s-history /"
#http://telecompk.net/2007/09/04/ptcl%E2%80%99s-privatization-the-biggestfinancial-scam-in-pakistan%E2%80%99s-history /## # HY PERLINK
"http://www.wsws.org/articles/2005/jun2005/paki-j04.shtml"
#http://www.wsws.org/articles/2005/jun2005/paki-j04.shtml# Security forces poised
to attack occupation####PTCL Privatization and its Impact on Financial Health##
Institute of Business and Technology
PTCL Privatization and its Impact on Financial Health#PAGE #
Institute of Business and Technology
# PAGE #8#
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