Pakistan Telecommunications Corporation has announced a 13 per cent increase in net profits for the year ending June 1994 to

Rs 16,024 million ($519.4 million).

The improved profits will hearten government advisers in charge of the privatisation of PTC, for which three financial advisers have been short- listed.

Total revenues rose by 9 per cent to Rs 26,365 million ($855 million) in 1993-94. This includes a 26 per cent increase in foreign exchange revenue, which rose to Rs 10,423 million ($337.9 million).

Three advisers have been short-listed to assist with PTC’s privatisation out of a total of 25 bidders. They are Morgan Grenfell, Morgan Stanley and Goldman Sachs. The successful candidate will help structure the second phase of PTC’s privatisation, which entails the sale of a 26 per cent of the government’s shares in PTC and transferral of management control to a strategic investor.