TPL Corp reports Rs1bn 1HFY25 loss, improving 34% YoY

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MG News | February 27, 2025 at 01:27 PM GMT+05:00

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February 27, 2025 (MLN): TPL Corp Limited (PSX: TPL) has reported a net loss of Rs1 billion for the half-year ended December 31, 2024, marking a 34% improvement from the Rs2bn loss recorded in the same period last year.

The company’s earnings per share (EPS) stood at a loss of Rs0.36, a notable recovery from the Rs4.65 loss per share reported in the previous year.

The company attributed this decline in losses to a significant reduction in the cost of sales and distribution expenses, coupled with a drop in finance costs.

The company's turnover increased by 4% to Rs4bn compared to Rs3.7bn in the corresponding period of 2023.

Meanwhile, the cost of sales witnessed a sharp decline of 30.7% to Rs2.6bn, improving the gross profit to Rs1bn from a loss of Rs31.6 million in the previous period.

Operating loss stood at Rs568mn, reflecting a 70% decrease from the Rs2bn operating loss in the same period last year.

Distribution expenses fell by 33% to Rs185.7mn, while administrative expenses saw a slight increase of 5.6%, reaching Rs1.6bn.

TPL Corp's finance costs dropped 18.8% to Rs1bn, further easing pressure on the company’s bottom line.

However, other income declined sharply by 67% to Rs491mn.

A notable improvement was recorded in the company’s share of profit from PTF, which surged by 1138.4% to Rs48mn.

Taxation for the period resulted in a net gain of Rs77mn compared to a tax expense of Rs133mn in the previous period, supporting the company’s efforts to limit net losses.

Despite the improvement in financial performance, TPL Corp recorded a total comprehensive loss of Rs1bn for 2024, compared to Rs2bn in the corresponding period of 2023, marking a 32% improvement.

Condensed Interim Consolidated statement of profit and loss (un-audited) for the half year ended December 31, 2024 (in Rupees) 31-Dec-24 31-Dec-23 %Change
Turnover - net                   3,904,246,080                               3,755,415,565 3.96%
Cost of sales                 (2,625,352,674)                             (3,787,033,829) -30.68%
Gross profit                   1,278,893,406                                   (31,618,264)  
Distribution expenses                    (185,689,530)                                 (278,067,033) -33.22%
Administrative expenses                 (1,661,107,606)                             (1,572,754,642) 5.62%
Operating (loss)                    (567,903,729)                             (1,882,439,939) -69.83%
Other expense                    (113,952,183)                                 (111,232,304) 2.45%
Finance cost                 (1,034,522,736)                             (1,273,839,787) -18.79%
Other income                       491,291,113                               1,487,575,432 -66.97%
Add/(Less) Share of PTF                         48,136,586                                        3,886,987 1138.40%
(Loss) / profit before taxation                 (1,176,950,949)                             (1,776,049,612) -33.73%
Taxation                         77,041,917                                 (133,451,538)  
(Loss) / profit after taxation                 (1,253,992,866)                             (1,909,501,150) -34.33%
Fair value (loss)/gain on equity instruments designated at fair value through other comprehensive income (FVTOCI)                       (34,875,010)                                              33,090  
Exchange differences on translation of foreign operations                             (366,201)                                     12,915,622  
Total comprehensive income / (loss) for the period                 (1,289,234,077)                             (1,896,552,438) -32.02%
Earning / (loss) per share - basic and diluted                                    (0.36)                                                (4.65)  

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