October 03, 2024 (MLN): TPL Corp Limited (PSX: TPL) losses widened by 62% in the financial year 2024 as its dividend income slumped.
The company incurred a net loss of Rs1.4 billion [LPS: Rs5.23] compared to a loss of Rs863.71 million [LPS: Rs3.23] last year.
Moreover, after accounting for items that will not be reclassified to statement of profit or loss in subsequent year worth Rs3.94bn, which is the fair value loss on investment through other comprehensive income, the company's total comprehensive loss for the year stood at Rs5.33bn compared to Rs2.18bn last year.
Its dividend income fell 29.2% to Rs314.67m as compared to Rs444.62m in FY23. Operating income plunged 44.3% to Rs144.38m in FY24.
During the year other income also slipped 74.0% to Rs19.64m as compared to Rs75.39m in FY23.
The company’s finance cost rose by 36.0% and stood at Rs1.49bn as compared to Rs1.09bn in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a lower tax worth Rs48.39m against the Rs62.81m paid last year, depicting a fall of 23.0%.
This translates to an effective tax rate of 3.6% as compared to 7.8% in FY23.
Unconsolidated (un-audited) Financial Results for year ended June 30, 2024 (Rupees in '000)
