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Commerce Solutions Home
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Internship Reports
14
Jul
Internship Report on PTCLbyCommerce Solutions in
MISSION STATEMENT
To achieve our Vision by having
An organizational environment that fosters professionalism, motivationand quality.
An environment 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.
INTRODUCTION
From the humble beginnings of Posts & Telegraph Department in 1947 andestablishment of Pakistan Telecommunication Company Limited, to this very day,ours is a story of commitment and vision.
PAKISTAN POST & TELEGRAPH (P&T)
The postal and telecommunication services were performed by a singledepartment known as Pakistan Post & Telegraph (P&T). This department startedits telephone service with only 12346 telephone lines and seven telegraph officesall over Pakistan. This department continued its business up to 1962. TheGovernment of Pakistan adopted the Government of India Telegraph act 1885 tocontrol and direct the activities of telecommunication.
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PAKISTAN TELEGRAPH AND TELEPHONE DEPARTMENT (T&T)
Pakistan Telegraph and Telephone Department inherited a smalltelecommunication network consisting of only 12,000 lines in 1947. It was thesole Department responsible for providing telecommunication facilities to whole
country. In fact postal services were also included in its responsibilities. ThePakistan Postal Department was separated from Pakistan Telegraph andTelephone Department in the year 1962. Like all other field of newly born nation,there was no established system of telecommunication, available in the country.However the present system, as well as new installations was managed by theT&T quiet efficiently.
PAKISTAN TELECOMMUNICATION CORPORATION (PTC)
The erstwhile Telegraph and Telephone (T&T) Department was converted into aStatuary Corporation on 15-12-1990. It has its own legal identity totally separated
from Government of Pakistan.
RE-STRUCTURING OF PTC
The P.T.C. was further segregated into four separate units in 1996.
1. P.T.C.L.
2. P.T.A.
3. N.T.C.
4. F.A.B.
PAKISTAN TELECOMMUNICATION COMPANY LIMITED (PTCL)
PTCL was incorporated on December 31st 1995 and commenced businesson January 1st 1996. The idea behind this was to provide better services to itscustomers. This was established to undertake the telecommunication businessformally carried out by Ex-PTC. It was responsible for carrying out all kinds oftelecommunications activities in the country. It was required to look after theexisting telecom installations and their automation and development. It was also
to under take development program in telecom field. All properties, assets,obligations and liabilities of PTC were accordingly transferred to the PTCL onthe 01-01-1996.
The P.T.C.L. is a prestigious organization and telecom services in the countryare getting better and better, since its incorporation.
PAKISTAN TELECOM AUTHORITY (PTA)
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Pakistan Telecom Authority (PTA) was established in 1996. It falls under thepreview of Government of Pakistan. It issues licenses to various companies forcarry out certain activities. This authority is responsible to monitor theestablishment of telecom related firms, companies, the import of telecomequipments etc in the country. It is a regulatory body formed to accomplish rules
and regulations relating to the telecommunication matters.
NATIONAL TELECOM CORPORATION (NTC)
It has been established for installation of telecommunication facilities to theGovernmental organizations. A portion of working lines was initially transferred toN.T.C. from the P.T.C.L. but now they have established their network. They aretotally independent in providing telephones connections, their look after andgeneration of revenue there from.
FREQUENCY ALLOCATION BOARD (FAB)
This organization has been established to allocate Radio and Wireless telecomfrequencies to various organizations/companies within the country. The latestdevelopment in this regard is that F.A.B. is establishing Monitoring Stations inorder to check the validity and legality of the utilization of circuits.
NATURE OF BUSINESS
Pakistan Telecommunication Company Limited (PTCL) was incorporatedin Pakistan on December 31, 1995 and is listedonKarachi, Lahore and Islamabad stock exchanges. It was established toundertake the telecommunication business firmly carried on by PakistanTelecommunication Corporation (PTC). The business was transferred to thecompany on January 1, 1996 under the Pakistan Telecommunication(Reorganization) Act, 1996 at which date PTCL took over all the properties,rights, assets, obligations and liabilities of PTC except those transferred toNational Telecommunication Corporation (NTC) , Frequency Allocation Board(FAB), Pakistan Telecommunication Authority (PTA) and PakistanTelecommunication Employees Trust (PTET). The company commencedbusiness on January 1, 1996. The registered office of the company is situated atBlock-E, PTCL Headquarter, G-8/4 Islamabad.
Pakistan Telecommunication Company Limited (PTCL) is the main provider ofTelecommunication services in Pakistan. It owns and operates a substantial partof the telecommunication facilities and provides domestic and internationaltelephone services and other communication facilities throughout Pakistan.
PTCL'S SUBSIDIARIES
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Pak Telecom Mobile Limited (PTML)
PTML is a wholly owned subsidiary of PTCL established to operate cellularTelephony under the brand name of UFONE.
The company's performance during the current year has been very encouragingdespite the stiff competition in Pakistan's cellular market especially after theemergence of two new international players in the last quarter of the year.Throughout the year, UFONE pursued a growth strategy and managed to almostdouble its revenue compared to last year. The company successfully increasedUFONE's market share from 16% to 22%, a significant achievement. On June30, 2005 the total number of subscribers of UFONE was 2.6 million versus 0.8million at the same year.
During the year PTML successfully launched its Phase-IV network expansionproject costing more than US$ 160 million. UFONE now covers more than 200
cities and towns, prominent highways and caters for international roaming with135 operators worldwide.
UFONE recorded Revenue of Rs. 8,598 million for the year endedJune 30,2006 as compared to Rs. 4,374 million for the previous year, an increase of 97%.Profit after tax increased from Rs.776 million for the current year. Based on theseresults a dividend of Rs. 700 million was declared by the Board of PTML.
Pak net Limited
The fully owned subsidiary of PTCL owns the largest ISP network spread over
2,900 cities/locations with 43 POPs. It has extensive data transmissioncapabilities but has been incurring losses due to poor business orientation andexcessive overheads. During the year Paknet recorded sales revenue of Rs.213.9 million, which is 19% loser than last year. The company posted a loss ofRs. 42.2 million vs a loss of Rs. 111.5 million last year. The quantum of loss islower as compared to last year mainly due to reversal of provisions againstdoubtful debts of Rs.44.1 million made in prior years and reversal of deferred taxasset of Rs. 34.9 million in the last year.
PTCL as the sole shareholder of Paknet is highly concerned with the poorperformance of this subsidiary and is currently undertaking a strategic review of
this ISP subsidiary of determine the future course of action
In spite of these subsidiaries there are following product lines.
Fixed Telephone ( Analog & Digital) DSL ( Digital Subscriber Line) IN Products (Pre-Paid Cards, Calling Cards, Apna Das Calling
Card, Phone Bill Card etc.)
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PTCL Wireless.
MODERN SERVICES
DON'T DISTURB
WAKE UP CALL CALL WAITING HOTLINE INTERNET AND E-MAIL SERVICE DIGITAL LEASED LINES/CROSS CONNECT CLI SERVICE CALL FORWARDING ON BUSY TONE. CALL FORWARDING ON NO REPLY. CALL FORWARDING UNCONDITIONAL (IMMEDIATE). DOMESTIC CALL CENTERS CO-LOCATION CENTER
TELEPLUS (ISDN / BRI) CONFERENCE CALL PTCL MESSAGING SERVICE ABBREVIATED DIALING TOLL FREE SERVICE 0800 PTCL MAILBOX PREMIUM RATE SERVICE-0900 UNIVERSAL INTERNET NUMBER INTERNATIONAL CALL CENTERS
REGION WISE SEGMENTATION OF PTCL
To provide efficient and smooth services to the subscribers, PTCL has beendivided into almost thirty-two Regions (Nine Development and twenty-threeMaintenance Region ).
The Development Regions are normally responsible to accomplish thedevelopment and expansion program of the company and after completing thelying of cable, installation, testing, commissioning of equipment, they are liable tohand over the exchange, building, or other installations to the concernedMaintenance Regions.
These maintenance regions are further responsible for the look after, up keepand maintenance of these assets. They are also required to initiate expansionproposals to meet the ever-increasing demand of telephone connections.
The overall operations department has been divided into four wings; North,South, International Communications and Information Technology Training &Research. Each of these wings is headed by EVP. As PTCL is providing its
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services to its customers all over the country, its entire network has been dividedinto fifteen regions.
Each region is further divided into zones and headed by director. Each directorcontrols a number of divisional engineers.
BUSINESS VOLUME
Fixed line connections in the country are more than 5.4 million and the cellularconnections are 12.7 millions
Currently there are 315 Payphone and over 51,000 Wireless Payphones
There are over 140 Data and Internet service providers (ISP's) to whom PTCL has
provided network infrastructure.
PTCL generated annual Revenue of over Rs. 11 billion from its private sector operatingpartners.
The PTCL's performance against a key set of parameters is summarized as:
Parameters Value
Revenue Rs. Billion 75.97
Profit after tax Rs. Billion 26061
Earning per share In Rupees 05.22Capital expenditure Rs. Billion 12.95
Return on equity % 24.43
NO OF EMPLOYEES
President & Company Secretary 02
Senior Executive Vice President 07
Executive Vice President 22
Chief Engineers 26
General Managers 94
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AGM, DY. GM, Director, System Analysts, Dy. Managers, RTO,
CS, SE, DE, SAO, DM, SRO etc 2500
ADE, AE, SDO, AO, SL, Lect etc 20,000
ES, Assistant. PA, Tech, LM. UDC, KPO,Khakroob, Mali, HC, etc
47,000
(almost)Total Employees
Note: This figure includes all permanents, contract bases and also
appointed under new terms and conditions during the year 2005.
70,000
(almost)
SERVICES
Corporate Services
Fixed Line Telephone
Wireless Local Loop (WLL)
Consumer Services
DON'T DISTURB WAKE UP CALL CALL WAITING HOTLINE INTERNET AND E-MAIL SERVICE DIGITAL LEASED LINES/CROSS CONNECT CLI SERVICE CALL FORWARDING ON BUSY TONE. CALL FORWARDING ON NO REPLY. CALL FORWARDING UNCONDITIONAL (IMMEDIATE). DOMESTIC CALL CENTERS
CO-LOCATION CENTER TELEPLUS (ISDN / BRI) CONFERENCE CALL PTCL MESSAGING SERVICE ABBREVIATED DIALING TOLL FREE SERVICE 0800 PTCL MAILBOX PREMIUM RATE SERVICE-0900
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UNIVERSAL INTERNET NUMBER INTERNATIONAL CALL CENTERS
ORGANIZATIONAL STRUCTURE
Organizational Structure describes the organization's formal framework orsystem of communication and authority.
In other words, the organization structure sets forth each principal, managementposition and helps to define authority, responsibility and accountability.
An organization chart is essential to the development of a cost system and costreports which indicates the responsibilities of individuals for implementingmanagement plans.
In PTCL President / CEO is the head of major functional areas. i,e State
management, Finance, Technical, Operations, HR & Admn and Corporateaffairs. So Senior Executive Vice President who are the head of these unitsgenerally reports directly to the President.
The main purpose of PTCL is allowing them to effectively and efficientlyaccomplish organizational goals and objectives. Designing an appropriatestructure means that managers must decide how to coordinate work activitiesand efforts both vertically and horizontally.
Organization structure of PTCL can be described as having three componentslike any other organizations:
1. Complexity2. Formalization3. Centralization
COMPLEXITY
The term complexity refers to the amount of differentiation in an organization.The more division of labor there is in an organization, the more vertical levels inthe hierarchy and more geographically dispersed the organization's units, themore difficult (or complex) it is to coordinate people and their activities.
When we analysis the complexity of PTCL, there is big amount about 70,000employees and hierarchy is as under:
PRESIDENT SEVP EVP GM/CE DIRECTORSE/MANAGERetc ENGINEER/AE/SDO/AOES/ASSISTANT T.TECH/CABLE JOINTER LM/UDCNAIBQASID/FRASH etc.
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This is a very large hierarchy, which creates problems for the organizationalactivities and coordination's. The result is a slow correspondence betweenmanagement and officials at lower levels.The Etisalat (who control the charge ofPTCL) is restructuring the organization and the work is under process.
FORMALIZATIONS
The degree to which an organization relies as rules and procedures to direct thebehavior of employees is formalization. The PTCL organization structureoperates with standardized guidelines, rules and regulations. Each officer/officialknows his/her responsibilities of what he has to do. Due to these strict rules andregulations the PTCL organization's structure is more formalized.
CENTRALIZATION
The term centralization describes where the decision making authority is.
In PTCL, organization decision making is highly centralized at upper levels ofmanagement. Problems flow up to senior executives, who decides what, shouldbe done.
In some cases, decentralized policy is used and decision making is delegated tolower levels of management. Which is not correct and creates problems in thecreation of long term value aided strategies.
MAIN OFFICES
Chairman Corporate Headquarter, Block-E-, G-8/4, Islamabad Director Commercial Accounts Nabha Road Lahore. GM Offices in every Region. SAO Offices. Director Offices Senior Engineer Offices. Assistant Engineer/ AO Offices etc
ACCOUNTING SYSTEM OF THE ORGANIZATION
The accounting system of PTCL is to comply with requirements of companies'ordianance, 1984 and approved Accounting standards comprise of such IASs asnotified under the provision of the companies ordinance 1984. InternationalAccounting Standards (IAS), as applicable in Pakistan in all respects. Whereverthe requirements of the company's ordinance 1984 of directives issued by thesecurities and exchange commission of Pakistan differ with the requirements of
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these standards. Generally accounts are prepared and maintained ongovernment pattern as well as commercial pattern on accrual basis of billsreceivable and bills payable and also are exhibited the profit and loss accountand balance sheet showing the assets and liabilities.
The revised cash account current (ACE-40) Performa is based on double entrysystem which indicates the debit and credit under each head of account vizcash/bank shows the balance in hand ceiling cash and direct payment and theclosing balance. All Drawing and Disbursing Officers furnish commercialaccounts at Lahore, where all items are separated analyzed and noted innecessary books for preparation of financial statements.
In the Accounting system of organization, proper books of Accounts have beenkept by the company as required by the companies' ordinance, 1984.
The balance sheet and the profit and loss account together with the notes
thereon have been drawn up in conformity with the companies' ordinance, 1984.
The balance sheet, profit and loss account, cash flow statement and statement ofchanges in equity together matches with approved accounting standards asapplicable in Pakistan, and give the information required by the companiesordinance 1984 in the manner so required and respectively give a true and fairview of the state of the company's affairs as at June 30 of every year and of theprofit, its cash flows and changes in equity for the year then ended.
FINANCE SYSTEM OF THE ORGANIZATION
The office of the Director General (Finance) controls all financial activities andsystem of PTCL. All financing decisions, capital budgeting decisions andprocessing on real and financial assets are major responsibilities of financedepartment of PTCL. Necessary future plans and projects are analyzed andselected as per their positive results i.e; (Investment decision) installation of newtelephone exchanges and lines.
Lending and borrowing decisions are also made as per loans, interest rates, timeperiod and lending agencies and banks etc.
Necessary sanctions of writeoff and depreciation rate are also issued by the
finance department.
Finance department also plays a vital role in coordination, with dividend policymatters, internal and external auditors and share registrars. Pensions, insurance,preparation of budget and taxation dealings are also important factors of PTCLfinance department.
USE OF ELECTRONIC DATA IN DECISION MAKING
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Mostly offices of PTCL are well equipped with computers and EDPfacilities.
Data is recorded on CDs and these CDs are sent to Finance department andDirector Commercial Accounts Lahore as cash accounts by regional heads. Thisdata is fed in a main "SERVER" for use of different sections in decision making.
For example balances of General Provident Fund, House Building Advance andMotor Cycle/Car Advances, Pay roll, etc are needed in pension section toprepare final emoluments of a retiring employee. This requisite information's aretaken from this "SERVER" (Book & Budget Record Section) for necessarydecision.
PTCL has a sound MIS System which helps all other departments in decisionmaking and also to preserve it for future needs.Recently, the organizationprovides a separate internet connection to all its officers, so that they mayconnect to higher management regularly, keep their knowledge fresh aboutorganization strategies/affairs and also for correspondence to other officers and
higher management.
MOBILIZATION OF FUNDS
PTCL purchases raw material from Erricson, Alcatel and AT&T,Italian, Sweden and American's firms. It also borrows finance from internal andexternal sources. These raw material, finance and human resources are put intogether in different operational activities and revenue is earned. After excludingthe costs of different expenses from total revenue, profit or loss is framed for oneyear. Then net profits are added in company's reserves. As this phenomenonmobilizes of funds is a continuous process.
Cash Raw material
Revenue Operations
GENERATION OF FUNDS
Funds are mainly generated through
Services Communicating activities.
Sales and Revenue Operations. Line Rent. Local and International calls. Training given to other Organizations by the trained staff of PTCL
As per cash flow from operating activities, different expenses like taxation,depreciation amortization, pension contribution funds, employees retirement
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benefits, writeoffs and other provisions are excluded to know the profit or loss ofthe company in a particular year.
SOURCES OF FUNDS
Following are the major sources of funds of PTCL.
1. Issued, subscribed and paid up capital.
2. Long term and short term loans from different syndicate's i.e; CitiBank, ANZ Bank, Bankers Equity Ltd etc
3. Income from operations
4. Funds from securities
5. Funds from Gross provident Funds
6. Income from its subsidiaries like CTI & PakNet etc.
7. International telephone represents revenue from foreign networks.
ALLOCATION OF FUNDS
In PTCL funds are allocated by a sound system of charts of accounts. All theDrawing and Disbursing Officers are assigned their specific coderange throughwhich necessary budgets and grants are allocated. All the heads have also their
code numbers which is easy to computerize.
NO OF EMPLOYEES IN FINANCE DEPARTMENT
There are about 3600 employees working under the department of Finance.Which include Senior Executive Vice President Finance, Executive VicePresident Finance, General Manager Finance, Senior Finance Officers, DirectorFinance and Account Officers, etc.
Senior Executive Vice President Finance 01
Executive Vice President Finance.
Accounts Finance
Revenue
03
General Manager Finance/DirectorFinance/Chief Engineers
20
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Senior Account Officers 75
Account Officers etc. 175
Assistant Director, Assistant, Clerks, etc 3600
CRITICAL ANALYSIS OF THEORETICAL CONCEPTS RELATING TOPRACTICAL EXPERIENCES (FINANCE DEPARTMENT)
In my opinion, The Finance Department of the Company has complied with allthe material requirements of the Code of Corporate Governance. Properaccounting system is followed to record, classify, and summarize accountingdata and information in conformity to Companies Ordinance 1984 andInternational Accounting Standards as applicable in Pakistan. My findings are asfollow:
Proper books of accounts of the company have been maintained. The financial statements prepared by the management of the Company
present fairly its state of affairs, the result of its operations. Appropriate accounting policies have been consistently applied in the
preparation of financial statements and accounting estimates are basedon reasonable and prudent judgment.
International Accounting standards, as applicable in Pakistan, have beenfollowed in the preparation of financial statements and any departuretherefrom has been adequately disclosed.
The system of internal controls is sound in design and has been effectively
implemented and monitored. There are no significant doubts about the company's ability to continue as
a going concern. There has been no material departure from the best practices of corporate
governance, as detailed in the listed regulations.
The company is not fully computerized yet and for this reason there are fewproblems like slow reporting, less efficiency, etc. further more all employees offinance department do not have sufficient computer skills to carry out the routingwork of the finance department on computer based system which in turn reducesthe overall efficiency of the finance department of the company. The company is
not providing any proper training to the staff of finance department on newtechnologies to update their knowledge which also affects the performance of thefinance department. All accounts and finance offices are not interconnected dueto this reason communication between these departments gets slow that affectsperformance of the department. Receivable management of the company is notvery good as there are huge amounts of outstanding bills are over due and yet tobe collected.
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RATIO ANALYSIS
Horizontal and vertical analyses compare one figure to another within the samecategory. It is also essential to compare figures from different categories. This isaccomplished through Ratio Analysis.
Ratios may be classified in number of ways. Different kinds of ratios are selectedfor different type of situations.
BALANCE SHEET RATIOS
These ratios are also called financial ratios. The components of these ratios aredrawn from the balance sheet.
PROFIT & LOSS ACCOUNT RATIOS
These ratios are also called operating ratios. The items used for the calculationare taken from profit & loss account statement i.e. Gross Profit Ratio, StockTurnover Ratio etc.
INTER-STATEMENT OR COMBINED RATIOS
The information required for the computation of these ratios is normally drawnfrom both Balance Sheet and Profit & Loss Account. For Example: Net profit tofixed assets, Debtors turnover ratios etc.
The company uses the following ratios in order to arrive at definite conclusion
concerning liquidity and solvency.
GROSS PROFIT MARGIN
The gross profit margin reveals the percentage of each rupee left over after thebusiness has paid for its goods. The highest the gross profit earned the better.Gross profit equals net sales less cost of goods sold.
2006 2005 2004 2003 2002
47.86 56.58 52.24 48.07 49.29
COMMENTS
The PTCL is constantly showing a good gross profit margin ratio. During the year2004 its gross profit margin has maximum value.
NET MARGIN
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The ratio of net Profit after tax to net sales is called the Net profit margin. Itindicates the profitability generated from revenue and hence is an importantmeasure of operating performance.
2006 2005 2004 2003 2002
35.02 39.35 34.35 29.83 29.26
COMMENTS
PTCL has shown a good improvement in its Net profit margin ratio. During theyear 2005 company has shown a phenomenal growth of 39.35%.
RETURN ON INVESTMENT
Return on investment (ROI) is a key, but rough, measure of percentage. ROIshows the extent through which earnings are achieved on the investment made
in the business.
There are basically three ratios that evaluate the return on investment. Theseare:
Return on total operating assets
Return on equity
Return on capital employed
RETURN ON OPERATING ASSETS
2006 2005 2004 2003 2002
36.47 38.51 28.69 24.04 23.22
The return on total assets (ROA) indicates the efficiency with which managementhas used its available resources to generate income.
COMMENTS
PTCL has shown a remarkable improvement in its Return on total assets ratio.This means that PTCL is effectively using its all available assets to generaterevenue. During the year 2005, this ratio is 38.51% which is maximum among theanalysis years.
RETURN ON EQUITY
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ROE measures the overall firm performance. ROE compares net profit aftertaxes (minus preferred stock dividends, if any) to the equity that shareholdershave invested in the firm:
2006 2005 2004 2003 2002
25.43 28.20 24.75 23.33 23.51
COMMENTS
This ratio tells us the earning power on shareholders book value investment andis frequently used in comparing two or more firms in an industry. A high return onequity often reflects the firm's acceptance of strong investment opportunities andeffective expense management.
RETURN ON Capital
The relationship of net profit after taxes to total capital is known as the Return onCapital.
2006 2005 2004 2003 2002
22.79 25.03 20.31 16.51 15.23
The value of this ratio is increasing every year from 2001 to 2004. But in 2005value of this ratio decreases with respect to previous year.
LIQUIDITY RATIOS
Liquidity is a company's ability to meet its maturing short term obligations.Liquidity is essential to conducting business activity, particularly in times ofadversity, such as when business is shut down by strike or when operatinglosses ensue due to an economic recession etc. Liquidity ratios are static innature as of year-end. Therefore, it is important for management to look atexpected future cash flows. If future cash outflows are expected to be highrelative to inflows, the liquidity position of the company is deteriorate.
CURRENT RATIO
Current ratio is equal to current assets divided by current liabilities. This ratio isused to measure the ability of an enterprise to meet its current liabilities out ofcurrent assets. The formula can be written as:
2006
2005 2004 2003 2002
1.91 2.78 2.02 1.72 1.21
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COMMENTS
By comparing the results of analysis years it is known that for Each 1 rupee inliability the company have 1.21 up to 2.78 times in current assets.
QUICK RATIO
The quick ratio, also known as the acid-test ratio is strongest test of liquidity. In itmore liquid current assets are divided by current liabilities. It can be written as:
2005
2004 2003 2002 2001
1.74 2.67 1.91 1.61 1.15
COMMENTS
By comparing the figures of analysis years, the ratio is declining in 2005 ascompared to 2004.
PRICE EARNING RATIO
The market price per share of a firm's common stock divided by the most recent12 months of earning per share.
2006
2005 2004 2003 2002
9.01 4.88 3.86 2.82 2.85
COMMENTS
Table shows the P/E ratio of years from 2002 up to 2006. This ratio is maximumduring the year 2006 and minimum during the year 2003.
DEBTORS TURNOVER RATIO
The relationship of net sales to total debt is known as the Debtors TurnoverRatio.
2005
2004 2003 2002 2001
4.9 4.32 4.60 3.73 3.34
COMMENTS
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Table shows the values of debtor's turnover ratios of the organization. The valueof this ratio is gradually increasing from 2001 up to 2003 and then in 2005 but in2004 the value of this ratio decrease with respect to the previous year.
FIXED ASSETS TURNOVER
The relationship of net sales to total assets is known as the Fixed AssetTurnover.
2006
2005 2004 2003 2002
1.04 0.98 0.84 0.81 0.79
COMMENTS
Table shows the values of fixed asset turnover ratios of the organization. The
value of this ratio is gradually increasing every year from 2002 up to 2006.
DIVIDEND YIELD
Labeled "YLD %" is the dividend yield. This is found by dividing the stateddividend by the closing share price.
2006
2005 2004 2003 2002
2.85 11.86 12.3 16.03 13.37
COMMENTS
Dividend Yield has a large value through 2002 up to 2005 but in 2006 its valuedecreases with a big change.
BREAKUP VALUE
The value of a firm measured as the sum of the values of its operating units ifeach is sold separately.
2006 2005 2004 2003 200219.63 21.39 19.17 17.39 15.91
COMMENTS
Breakup value is maximum in 2005 and least value of Rs. 15.91 in 2002.
LEVERAGE RATIO
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Leverage equivalent to solvency or long-term debt. Solvency is a company'sability to meet its long-term obligations as they become due. An analysis ofsolvency concentrates on the long-term financial and operating structure of thebusiness. The degree of long-term debt in the capital structure is alsoconsidered. Further, solvency is dependent upon profitability since in the long run
firm will not be able to meet its debts unless it is profitable.
These ratios help in measuring the financial contribution of the owners comparedwith that of the creditors, also the risk of debt financing.
DEBT / EQUITY RATIO
The debt/equity ratio is a significant measure of solvency since the high degreeof debt in capital structure makes difficult for organizations. Excessive debt willresult in less financial flexibility .Debt/equity ratio equals to total liabilities dividedby equity.
2006 2005 2004 2003 2002
13.06 13.33 16.39 24.60 28.22
TOTAL ASSET TURNOVER
The total asset turnover ratio is useful in evaluating a company's ability to use itsasset base efficiently to generate revenue. A low ratio may be due to manyfactors, and it is important to identify the underlying reasons.
200
6 2005 2004 2003 20020.55 0.54 0.52 0.49 0.44
EARNINGS PER SHARE (PRE TAX)
Earnings per share indicate the amount of earnings for each common share held.Earnings per share are useful indicator of the operating performance of the bank.
2006
2005 2004 2003 2002
7.79 8.63 7.37 6.54 6.30
EARNINGS PER SHARE (AFTER TAX)
Earnings per share indicate the amount of earnings for each common share held.Earnings per share are useful indicator of the operating performance of the bank.
200 2005 2004 2003 2002
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6
5.22 5.72 4.53 3.88 3.56
COMMENTS
The firms earning per share are generally of interest to present or prospectivestockholders and management. The Earning per Share (EPS) represent thenumber of rupees earned on behalf of each outstanding share of common stock.They are closely watched by the investing public are considered an importantindicator of corporate success. The value of EPS is maximum in 2005 andminimum in 2002 in pre tax and after tax cases. And this value decrease in 2006.
DIVIDEND PAYOUT RATIO (BEFORE TAX)
Indicates the percentage of each Rupee earned that is distributed to owners inthe form of cash, calculated by dividing the firm cash dividend per share by its
earning per share
2006 2005 2004 2003 2002
25.66 57.91 47.49 42.08 38.09
DIVIDEND PAYOUT RATIO (AFTER TAX)
Indicates the percentage of each Rupee earned that is distributed to owners inthe form of cash, calculated by dividing the firm cash dividend per share by itsearning per share
2006 2005 2004 2003 2002
38.34 87.42 77.34 70.79 67.42
COMMENTS
Creditors and investors use the following ratios to see if the company hasadequate cash flow for invest or dividend. There exists a rise in percentage inevery year from 2002 to 2005. Dividend payout ratio is maximum in 2005. But in2006 sudden decreases of value exist. This decrease of percentage is very lowas compared to previous years from 2002 to 2005.
NET WORKING CAPITAL
Net working capital is equal to current assets less current liabilities. Currentassets are those assets that are expected to convert into cash or used up within1 year. Current liabilities are those liabilities that must be paid within 1 year; theyare paid out of current assets. Net working capital is a safety cushion to creditors.
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2006 2005 2004 2003 2002
18657 30925 16816 13891 7192
COMMENTS
PTCL is expanding its operations throughout the Pakistan, quite rapidly; one ofthe key indicators of growing business is the Working Capital of PTCL. From theabove analysis, we can depict that PTCL is progressing.
TIME INTEREST EARNED RATIO
The times interest earned ratio measures the firm's ability to make contractualinterest payments. The higher the value of this ratio, the better able the firm is tofulfill its interest obligations.
2006 2005 2004 2003 2002
87.35 65.33 36.67 13.69 10.16
COMMENTS
The values show that the company is in good condition to fulfill its interestobligations. The value of Time interest earned is in increasing mod in every nextcoming year from 2002 to onward.
PRE TAX MARGIN / OPERATING PROFIT MARGIN
The operating profit margin / Pre tax margin measures the percentage of eachsales remained after all cost and expenses other than interest and taxes arededucted.
It represents the pure profits. Operating profit is pure because they ignore anyfinancial and governments charges (Interest & Taxes) and measure only theprofit earned on operations. A high operating profit margin is preferred.
2006 2005 2004 2003 2002
52.32 59.41 55.93 50.17 51.79
COMMENTS
Table shows the pure profits of company, which shows a good percentage inevery next coming year. Operating profit is pure because they ignore anyfinancial and governments charges (Interest & Taxes) and measure only theprofit earned on operations. A high operating profit margin is preferred. Pre taxmargin is maximum in 2005 and its value is minimum in 2003.
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EARNIGN POWER (GROWTH)
Neither the net profit margin nor the total asset turnover ratio by itself provides anadequate measure of overall effectiveness. The earning power of investmentcapital or return of investment (ROI) provides the answer.
2006 2005 2004 2003 2002
-8.79 26.38 16.50 9.13 36.18
COMMENTS
The net profit margin ignores the utilization of assets, while the total assetturnover ratio ignores profitability on sales. The return on investment ratio orearning power resolves these shortcomings.
The value of Earning Growth is maximum %age values during the years 2002
and 2004 which are respectively 36.18 and 26.38.
During the years 2003 & 2004 company has %age values 9.13& 16.5. In year2005 this %age value is least one and has negative %age value of 8.79.
An improvement in the earning power of the firm will result if there is an increasein turnover on assets, an increase in net profit margin or both.
DIVIDEND PER SHARE
Cash payments declared and paid by the corporation to stockholders.
Dividends are the only cash payments regularly made by corporations to theirstockholders. They are decided upon and declared by the board of directors andcan be range from zero to virtually any amount the corporation can afford to pay.
2006
2005 2004 2003 2002
2.00 5.00 3.5 2.75 2.4
COMMENTS
Table shows the Dividend per share paid by the corporation during the years2002 up to 2006. This value is maximum Rupees 5.00 in 2005 and minimum in2006.
HORIZONTAL ANALYSIS / COMMENTS
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Horizontal analysis is used to evaluate the trend in accounts over the years. Thishelps in disclosing changes on the items in financial statements over the years.In horizontal analysis, any one year is taken as base year and all items arecompared with corresponds items in base year.
Horizontal analysis of PTCL under my discussion provides the information aboutthe organization where it stands in its financial status from 2002 to 2006.Whether it improving it position or not, all this is know through this analysis.
During my analysis 2002 is taken as base year and all other year figures arecompared with this base year.
ANALYSIS
S H A R E H O L D E R S E Q U I T Y & L I A B I L I T I E S
By comparing the data from 2002 to 2006, it is clear that reserves are increasingwith respect to base year 2002, but in 2006 the value is reduced as compared to2005. The reason is that during this year, the capital of the company remainssame, reserves increase but the value of profit decrease during this year, whichaffects the overall value of 2006.
Non current liabilities are reducing during the analysis years with respect to baseyear. During the years, Suppliers credit, deferred taxation and long term securitydeposits are reduced but the retirement benefits increased in 2006, which affectsthe over all value of this year.
By comparing the figures of Current Liabilities of these years w.r.t base year, it isclear that during the years 2003-2006 Payables / Borrowing increase graduallywith respect to 2002 but the Interest and Markup accrued, Taxation decreasedwith respect to base year. The over all value of Current liabilities decrease w.r.tbase year.
The overall value of Equity and Liabilities remains less during the years 2003,2004 and 2006 but in 2005 increase to some extent. This shows the stability inEquity and Liabilities during these years.
T O T A L A S S E T S
The overall value of Fixed Capital decreases with respect to base year. Thevalue of Property, Plant, and Equipment during these years' decreases but thevalue of Capital work in progress increased during 2005-06. On the other handthe value of Intangible assets increases much more during 2006.
The overall value of the long term investment and loans increased with respect tobase year 2002. During the year 2006 this value reduces 127.97 from 147.19 in
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2005. The reason behind this that during 2006, there was not as such investmentoccurred and value of loans also reduced as compared to previous years.
The overall Current Assets decrease during the year 2003, 2004 & 2006. butincrease during the year 2005. This shows that in 2007 the Receivables are
almost double but Cash is much less as compared to 2006.
Hence overall situation is not as good as compared to base year.
P R O F I T & L O S S A C C O U N T
From horizontal balance sheet, it is clear that Revenue of the company isincreasing in the coming years with respect to base year 2002. This increase invalue of Revenue shows that company is moving in the right direction andshowing best results for investors and stockholders. Operating cost is increasingwith respect to base year with the passage of time.
Comparison shows that operating profit is increased every year with respect tobase year. In 2005 Operating Profit was maximum but in 2006 this decrease fromRs. 137.11 million to Rs. 118.88 million. The overall value of Profit is increasingduring the analysis years. Maximum profit occurs during 2005 but it reduces itsvalue in 2006 as compared to 2005.
RESULT
The overall Horizontal analysis shows that the company is in good condition forits stock holders and the persons interested in this organization. The company is
in running in profit situation. There is increase in profit in the next coming years.In 2005, the company gets maximum profit while in 2006; there is decrease in thevalue of profit as compared to 2005. The reason behind this is the uncertainty inthe process of privatization scenario, increase in the operating cost, decrease ininappropriate profit, increase in payables, increase in capital work in progress,less new investment and loans etc.
VERTICAL ANALYSIS / COMMENTS
In vertical analysis, a significant item on a financial statement is used as a basevalue, and all other items on the financial statement are compared to it. Vertical
analysis is used to disclose the internal structure of an enterprise.
In performing vertical analysis for the balance sheet, total assets and Total Equity& Liabilities are assigned 100 percent. Each account is then expressed as apercentage of these values. In profit and loss account, Revenue is given thevalue of 100 percent and all other items are evaluated in comparison to thisRevenue. All this is done for the purpose of evaluating financial position of PTCL.
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ANALYSIS
S H A R E H O L D E R S E Q U I T Y & L I A B I L I T I E S
By comparison it is clear that Share capital & Reserves are increasing from 49.14
to 77.05 during the year 2002 to 2005 and then decrease its %age value in 2006as compare to 2005. During the period Reserves are increasing every year,Capital %age almost remain its value constant i.e. no significant difference. Thealarming condition is about Un-appropriated profit. The profit is maximum in 2005that is 18.43 as compared to total Equity & Liability and this value decrease in2006.
Non current liabilities are also decreasing every year but 2005, a slight rise invalue exist. When we analysis its individual values, it is clear that Suppliers creditis decreasing significantly but the other values like Deferred taxation , Retirementbenefits, Security deposits have mixed affect. In different years its %age values
are different. But overall liabilities are decreasing.
Current liabilities in base year 2002 are 33.39, its value decrease in 2003, thenincrease in 2004 and again decrease and then rise. So have a mixed affect.When we study individual item in Current liabilities, it shows that Interest &Markup accrued decreases. Trade & Payables are increasing from 5.36 to 10.89.And other items have mixed affect.
T O T A L A S S E T S
Vertical Balance Sheet shows the %age of Fixed Capital w.r. to total Assets. This
value is 64.91 % in 2002; its value increase to 67.77% in 2003 then decrease to64.37% in 2004 then reduce to 58.46% in 2005 and again rise in 2006. All otheritems have a mixed affect.
Vertical Balance Sheet shows the %age values of Long term assets during theyear 2002-2006 with respect to total assets. This value is 5.10% in 2002,6.78%in 2003 (a rise of 1.68%), 6.73 in 2004 (a decrease of .05% as comparedto 2003) 7.43 in 2005 (a rise of .70% as compared to 2004) and again decrease .70% in 2006. In 2004 and 2006, these values have same values.
By comparing it shows that maximum current assets are 34.11 % in 2005 and
minimum current assets are25.44 in 2003. In 2004 & 2006 its value is 28.90 %which is same in both years. When we study the items involved in current assets,it is clear that items have almost same %age of values in 2004 and 2006.Company bank balances are maximum 16.97% in 2004 and minimum bankbalance was in 2003.
P R O F I T & L O S S A C C O U N T
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During the vertical analysis of Profit and Loss Account Revenue is taken as100% and all other items are compared with respect to this Revenue
Operating profit is maximum 52.14% in 2006 and minimum in 2005 with respectto base value of Revenue. Company earns maximum Operating profit of 56.58%
in 2005. During this year the Operating cost was minimum. Company earnsminimum Operating profit of 47.86% in 2006. During this year the Operating costwas maximum. This shows that Operating cost & Operating profit are inversely toeach other.
Company earns maximum profit in 2005 which is 39.36% of the total revenue. Adecline in profit up to 9.34% exists during the year 2006. This shows the poorcondition of the company during this year. During this decline the Earning pershare during this year also decrease from 5.72 to 5.22.
RESULT
The overall vertical analysis shows that during the year 2005 the company earnsmaximum profit during this year the E.P.S was also maximum.
In this year the Operating cost was minimum and its Operating profit wasmaximum as compared to other years.
PTCL & STOCK MARKET
PTCL is the largest listed stock in Pakistan in terms of market capitalization &represents more than 30% of the total capitalization of the Karachi Stock
Exchange (KSE). PTCL's free float is around 11.76% or 600m shares, 83% ofwhich were initially issued in the form of GDRs. Initially, only one-wayconvertibility was possible in PTCL's GDRs (i.e., from GDRs to locally listedshares), but now government and the central bank have allowed two-wayconversion.
SHAREHOLDING STRUCTURE OF PTCL
PTCL's paid-up capital is 51 billion rupees; divided into 3.774 billion classes "A"ordinary shares (74%) and 1.326 billion class "B" ordinary shares (26%). Theclass "A" share is listed on the all three stock exchanges of Pakistan, while class
"B" share are not listed and have been earmarked for future sale to a strategicinvestor. Class "B" share are currently sold to UAE company Etisalatt, which takeover the charge in March, 2006 and these "B" shares have four voting rightsagainst one voting right per class "A" share. The government has sold 11.76%equity of PTCL in two trenches. One million vouchers (equivalent to 100mnshares) were sold via a local IPO at Rs.30 per share. Subsequently, another500mn shares were sold in the form of GDR's to international investors at Rs.55per share.
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LEADERSHIP OF PTCL IN THE MARKET
PTCL is leading company in the market, Till December 2002 due to its monopolystatus in the country and was the sole and largest Telecommunication servicesprovider in Pakistan. Now there are five other companies in the market. PTCL
aims at using the latest technology for its services. PTCL is also inductingprofessionals in the field of engineering and information technology. It is alsogetting consultancy from international companies in order to remain leader intelecommunication sector.
THE BIGGEST FOREIGN EXCHANGE EARNER
PTCL is the biggest source of foreign exchange for Pakistan. Currently, it earnsmillion rupees from its international traffic.
COMPETITIVE PRESSURE
Before 2002 PTCL had no competitor in the market and other companies arelegally not allowed to enter into competition with PTCL. So PTCL was performingits activities freely without any pressure. But now PTCL has to change itsstrategies to face the competitors because there are competitors such likeMobilink, Telenor, Warid, Word Call, Insta-One etc in the market to compete thePTCL.
In such scenario the PTCL has to face many problems in the early but no doubtthe PTCL has a strong powerful motivate team members to face thischallenges/atmosphere and again approves a Market Leader of communication
in the country.
ADEQUATE FINANCIAL RESOURCES
PTCL earns billions of rupees as profit each year and has enough money in itsgeneral reserve. PTCL also has debt as a major source of Capital. Theseadequate financial resources not only enable the company to cope with anyunexpected event but to deploy its resources to increase product line andservices without feeling any financial difficulty.
FLEXIBILITY IN OPERATIONS
Because of its adequate financial resources and leadership in the market, PTCLhas flexibility in changing its operations. Marketing department responds to thecustomers whenever they contact and ask problems. So, marketing departmentacts freely and independently. But for coming days PTA has issued licenses tomany companies for installation of WLL (Recently World Call is in the market)technology switches, surely PTCL has to face these competitors.
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FUTURE PROSPECTS OF THE ORGANIZATION
The overall analysis shows that company is in good condition throughout theanalysis years 2002- 2006. The 2005 is the golden year for the companybecause in this year the company earns maximum profit. During this year theOperating Cost was minimum and its Operating Profit was maximum.
In the next year 2006, there is decrease in the value of profit as compared toprevious year. During this year the Operating Cost was maximum and itsOperating Profit was minimum as compared to previous year. The reason behindthis due to uncertainty in the process of Privatization scenario, increase inPayables, increase in Capital Work in Progress and less investment during thisyear.
Earning per share is also increasing during these years for the stock holders andthe persons interested in PTCL investment. Future Prospects of the Organizationis to get more and more profit for its share holder by increasing revenue andoperating profit by reducing its operating costs.
PTCL is a leading Telecomm service provider in Pakistan with its extensivenetworks all out the country. There are now five other companies in competitionwith PTCL. No doubt the situation is some one critical but either of thecompanies have not their own infrastructure by now. It will take long span of timein this sector to come in competition with PTCL.
It is more over worth-mentioning that PTCL is under going the strategic structuralchanging in the sector of Engineering, IT, Marketing and updating the R & Dsection which plays a key role for taking long term value projects that are 5 to 10years. This is the sole objective of PTCL.
New management namely Etisalat is in collaboration with PTCL with its 5members in the Board of Directors and 4 from Govt. of Pakistan. The totalrestructuring of PTCL is in full swing & Insha-Allah it will be completed within afortnight period. It also includes the Rightsizing of employees. This will no doubtboost up the services as well as revenue.
PTCL has launched U-FONE (Mobile services), V-WIRELESS,andINTERNET (Paknet) services with old FIXED LINE phones. The othercompetitors are no doubt in the market but they are just having one or twoservices as compared to PTCL. The World Call is the only competitor with V-Wireless facility. Above all other considerations, the PTCL is leading and likely tointroduce more services like DSL, Cross Connect shortly to facilitate its valuedcustomers.
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As for as Revenue is concerned, PTCL still stands exclusively in the best positionamong all other companies. Since its networks are not only in the big cities likeother companies but also in the remote areas of the country. If the situationremains productive, I can safely foresee that within a decade it will not onlymaintain persistency but also grow more in every dimension.
I therefore come to the conclusion that PTCL will only be the companyin Pakistan who is leading one because the facts stated above and with themissionary zeal of its employees.
SHORT FALLS / WEAKNESS OF FINANCE DEPARTMENT
1. In Finance department a large number of employees have not sufficient knowledge of computer. Sotheir performance can be increase by this training.
2. Data can not update well in time, which creates problems for staff.3. The lower scale employees of the Financial Department are not giving any training of modern tollsused in finance technology.
4. There exist no interlink between the Finance Offices. If these are connected then most of theproblems will be solved automatically.
5. Finance related units/offices are not interconnected.6. Finance related transactions are not fully computerized.7. Data is not fully updated.8. Persons working in finance department have not enough knowledge of computer applications.
There exist a large number of employees who do not know the basic knowledge of computer.9. Finance related office is not fully computerized till yet.10. There does not exist a planned program for their training.11. The different offices do not use the same format in financial transactions.12. Latest financial techniques and modules are not uses in these departments.13. The most of the persons working in the finance department are irrelevant i.e. they belong to other
cadres.14. Lack of coordination between different departments.15. Lack of database management in finance department.16. There doesn't exist planned program for the loaning policies of employees.
SUGGESTIONS
17. Whole finance related offices should be interconnected.18. Latest technology tools and modules should be used in all offices.19. Employee should be updated with latest techniques related to finance.20. Unique loaning policies should be implemented for all employees.21. People working in Finance Department should be trained enough that they have computer
knowledge. here should be proper training regarding computer skill so that they can update
themselves according to the updates22. Finance Department should be fully computerized.23. There should be planned program for the training of the employees24. All the finance offices should use the same format of transaction25. Latest financial techniques and modules should use in these departments.26. Trained staff should work in the finance department.27. All Finance office should co-ordinate with other departments.28. There should be proper Database management in finance department.29. There should be planned program for the loaning policies of employees.
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C O N C L U S I O N S
To fulfill the requirement of the MBA degree program, I have completed myinternship with PTCL for about two months. During this period I have gained a lotof knowledge and practical experience. I have practically realized the importanceof individual/practical work.
The very important things which I learnt are, like any other basic sphere ofmodern socio-industrial activities, Telecommunication is a main and importantfield for the development of any country. The staff of organization is highlyqualified and their behavior is friendly. Also the working environment oforganization is very good. So I recommend all students who do their internship infuture, should do the training program with PTCL because this is very goodinstitution of learning.
RECOMMENDATIONS
In every year PTCL starts new ventures and services in the countrybut on the other hand, the people of Azad Kashmir, and many otherRural Areas are still being neglected. There is a high potential marketfor value added services of PTCL in Azad Kashmir and Rural Areas.The company should start the internet, Pay-card Phone, and Mobilephone services in these areas in collaboration with private investors.
There exist a huge amount of outstanding bills to be collected bythe defaulters. The company should frame tight and effective policiesto ensure the collection of its outstanding bills. The revenue officersshould be provided incentives and bonuses on achieving thedetermined targets of revenue collection.
Hundred percent computerization in PTCL would be helpful to savethe time and money and provision of quick services to its valuedcustomers.
Human resource development is a key component in everyorganization; In PTCL this is not going well. So there is an immenseneed to improve this department.
Over employment is main and major problem in PTCL. Reduction /Right Sizing in over employment can give better results.
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PTCL management should give more emphasis towards customersatisfaction, delight and retention.
PTCL higher management should adopt a uniform policy for everyregion.
Finally, PTCL revenue is decreasing due to arrival of marketcompetitors in the country, so the management should adopt specialcareful steps to face this competition environment.
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