TPL Properties reports around 74% reduction in loss for H1 2024
MG News | February 18, 2025 at 12:33 PM GMT+05:00
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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