Pakistan Telecom Company (PTC) has issued a notice at the Karachi Stock Exchange stating the renewal of the Technical Service Agreement (TSA) with Etisalat until further orders. To recall, the TSA agreement was expected to end in October 2011. For 1st Quarter FY12 this was incorporated in our financial model, however after incorporating it for the rest of the year, we expect this will have a negative impact of Rs0.17 per share on PTC’s FY12 Earning Per Share, said Furqan Ayub at JS. Thus, our EPS for FY12E is revised down to Rs1.19 per share from Rs1.36 per share, he added.
