State-owned Pakistan Telecommunication Company (PTC) has announced that it has exceeded its revenue target of Rs 35,000 million ($994 million) for fiscal year 1995/96.

The company has not issued precise figures for the year. PTC profits in 1994/95 stood at Rs 16,835 million ($478 million). It has now set a revenue target for 1996/97 of Rs 44,000 million ($1.25 million).

The government hopes to conclude the sale of a 26 per cent strategic stake in PTC by the end of the year. Deutsche Morgan Grenfell (DMG), financial adviser on the privatisation, has said that AT&T of the US is no longer interested in being part of a bidding consortium. The govemment recently relaxed the rules governing the sale in order to make it more attractive to operators like AT&T. The change removed the stipulation that the telecoms operator within a bidding consortium would have to take at least 30 per cent of the 26 per cent equity on sale. DMG plays down the significance of AT&T’s lack of interest, saying that it is more important to attract investors which will put money into the sale (MEED 14:6:96).