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Wateen Telecom Limited’s financial results for the third quarter and nine months ended March 31, 2013

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Karachi, August 06, 2013 (PPI-OT): We are pleased to inform you that the Board of Directors of Wateen Telecom Limited (WTCL), in their meeting held on August 05, 2013, at 2-E-II, Oberoi House, Gulberg III, Lahore, Pakistan, has approved the financial results of the Company for the third quarter and nine months ended March 31, 2013 and recommend the following:

Cash Dividend
Nil

Bonus Shares
Nil

Right Shares
Nil

The Financial results of the Company for the third quarter and nine months ended March 31, 2013 are as follows:

                                                        3 months to                       9 months to
                                                  March 31,       March 31,       March 31,         March 31,
                                                    2013            2012            2013              2012
                                                                     (Rupees in Thousands)

Revenue                                           1,839,326       1,953,059       6,225,592         5,330,007
Cost of sales (excluding
depredation and amortization)                     1,143,228       1,577,903       4,293,579         4,605,827
General and administration expenses                 453,403         381,318       1,100,568         1,588,475
Advertisement and marketing expenses                 18,946          53,144          44,897           249,180
Selling and distribution expenses                     4,101           8,605          22,707            34,469
Provisions                                           11,285         169,535         113,535           284,519
Other income                                        (19,879)        (16,928)        (57,822)          (66,370)
                                                  ---------       ---------       ---------        ----------
                                                  1,611,084       2,173,578       5,517,884         6,696,100
Earnings/ (Loss) before interest, taxation,
depreciation, amortisation and impairment           228,242        (220,519)        707,708        (1,366,093)
Less: Depreciation and amortisation                 204,616         528,114         567,781         1,590,597
Provision for impairment of Wirnax assets               -               -               -           9,622,913
Finance cost                                        593,791         352,272       1,970,023         2,224,615
Finance income                                      (41,966)        (33,571)       (116,157)         (105,836)
                                                  ---------       ---------       ---------        ----------
Loss before taxation                               (528,199)     (1,067,334)     (1,713,939)      (14,698,443)
Deferred income tax expense                             -            (6,378)            -          (1,718,594)
                                                  ---------       ---------       ---------        ----------
Loss for the period                                (528,199)     (1,073,712)     (1,713,939)      (16,417,036)
                                                  ---------       ---------       ---------        ----------
Loss per share-(Rs)                                   (0.86)          (1.74)          (2.78)           (26.59)
                                                  ---------       ---------       ---------        ----------

We will send you 300 no. of copies fur distribution amongst shareholders.

For more information, contact:
Sajid Farooq Hashmi
Company Secretary
Wateen Telecom Limited
4th Floor, New Auriga Centre,
Main Boulevard,
Gulberg II, Lahore, Pakistan
UAN: 111-365-111
Fax: +92-42-35787000
Web: www.wateen.com
Email: info@wateen.com

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