TPL Properties reports around 74% reduction in loss for H1 2024

MG News | February 18, 2025 at 12:33 PM GMT+05:00

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February 18, 2025 (MLN): TPL Properties Limited (PSX: TPLP) reported a significant loss after tax of Rs498.61 million [LPS: Rs0.89] for the six-month period ending December 31, 2024, which marks a 73.85% reduction compared to the loss of Rs1.91 billion [LPS: Rs3.4] incurred in the same period last year (SPLY).

For the six months, the company’s income saw a turnaround, reaching Rs620.01mn, compared to a loss of Rs932.0mn in SPLY.

However, the company’s direct operating costs increased by 124% to Rs79.56mn.

As a result, the company recorded a gross profit of Rs540.44mn, compared to a gross loss of Rs967.53mn in the same period last year.

Administrative and general expenses increased by 6.17% to Rs699.70mn, while finance costs also rose by 12.41%, totaling Rs310.51mn.

Despite this, other income surged by 511.26%, reaching Rs8.43mn, compared to Rs19.7mn in SPLY.

The company’s other expenses, however, decreased by 35.22% to Rs846,000.

Before taxation, the company reported a loss of Rs462.58 million, a 75.45% improvement from the loss of Rs1.88 billion in the same period last year.

Taxation stood at Rs35.93mn, up by 36.80% compared to Rs25.65mn in SPLY.

The total comprehensive loss for the period was Rs498.61mn, a 73.90% reduction from the loss of Rs1.91bn in the same period last year.

Consolidated Profit and Loss For the Period Ended December 31,2024
Description	Dec-24	Dec-23	%Change
Income / (Loss)	620,005,575	(932,012,971)	-166.52%
Direct operating costs	(79,564,574)	(35,519,335)	124.00%
Gross profit / (loss)	540,441,001	(967,532,306)	-155.86%
Administrative and general expenses	(699,703,726)	(659,016,987)	6.17%
Finance costs	(310,509,521)	(276,227,886)	12.41%
Other income	8,435,320	1,380,000	511.26%
Other expenses	(846,000)	(1,306,000)	-35.22%
Profit / (Loss) before taxation	(462,582,931)	(1,884,372,447)	-75.45%
Taxation	(35,032,687)	(25,608,328)	36.80%
Profit / (Loss) for the period	(498,607,515)	(1,906,978,132)	-73.85%
Other comprehensive income / (loss)	(100,000)	(3,570,000)	-97.20%
Total comprehensive income / (loss)	(498,607,515)	(1,910,548,132)	-73.90%
Attributable to Owners of the Holding Company	(498,607,515)	(1,910,548,132)	-73.90%
Earnings / (Loss) per share - basic and diluted	(0.89)	(3.4)	-73.82%

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