In the annual report published this week; Wateen posted Rs 1,994 million as after tax loss in the year ended June 30, 2010 (FY10) as compared to profit after tax of Rs 927.763 million in the corresponding period in FY09.
Forecasts had initially projected a loss of Rs. 2,071 million for the same period.
Wateen’s revenues for year ended June 30th, 2010 stood at Rs 7,961 million with the gross margin for second half of FY10 increasing to 38% from 30% compared to the first half of FY10. Company’s revenues were Rs. 15,410 million during the same period last year.
The board of directors of the company in its meeting held at Abu Dhabi, UAE declared Rs 4.43 per share loss in the period under review against earning per share of Rs 2.22 in the same period a year back.
Company’s financial performance in FY10 has shown a positive trend marked by a positive EBITDA of 6% for second half compared to negative 3% for first half of FY10.
Wateen has said that it outperformed management’s expectations through various cost rationalizing and consolidation initiatives aimed at lowering operational overheads. Overall, Wateen was able to cut more than Rs. 700 million in operating costs which resulted in EBITDA of 4% for FY10 compared to projected EBITDA of 0%.
Recently the sponsors have extended a support of over Rs 2,100 million to Wateen.
You can download Wateen’s financial report for year 2009/10 by clicking this link (PDF File – 3.35 MB)
Hmm Interesting.. Am really happy with wateen services from last 6 months but they don’t tolerate about bills
hey re saiyan kab do gae new packages :( i want to get rid off PEE TEA AT CALL LOL “) pee tea because call PTCL walay ohtatay nahi :) ohta bhi le tu kuch kartay nahi :)
Beat forecasts? I downloaded the prospectus and it gives me depression.
What do others think?
they had estimated more losses than what it suffered eventually, so company has said “results beat forecast”
I guess they ‘saved’ a lot of money by infringing on others intelectual property :P
this is the biggest fraud ever committed in the KSE the IPO of Wateen – the SEC should look into the process – too many people were robbed by Wateen for these types of cappy results and no improvements – investigation is needed
@The Truth…. Are you implying that everyone in the KSE to the auditors to the shareholder are involved in some sort of conspiracy to defraud you and the common man?? C’mon…. And if you have proof, come out with it
I was wondering how this fiscal year for Wateen going to be. I do not see any plan from Wateen to grow and be profitable soon. Currently their policy seems to borrow and burn the money. Is Wateen’s management smoking pot or what?
Till that this corruption king Tariq Malik and its all spoenes are there it will never me in profit