TPL Properties swings to loss in first half of FY24
MG News | February 27, 2024 at 10:12 AM GMT+05:00
February 27, 2024 (MLN): TPL Properties Limited (PSX: TPLP) revealed its financial performance for the six months ended December 31, 2023, wherein the loss after tax clocked in at Rs1.91 billion [LPS: Rs3.4], compared to a profit of Rs3.54bn [EPS: Rs6.59] in the same period last year (SPLY).
Going by the consolidated results, the company experienced a significant setback in its top line, with a loss of Rs932 million as compared to an income worth Rs4.36bn in SPLY.
During the period under review, other income plunged by 69.48% YoY to stand at Rs19.76m in 1HFY24 as compared to Rs64.73m in SPLY.
On the expense side, the company observed an increase in administrative and general expenses by 8.60% YoY to clock in at Rs694.54m.
The company’s finance cost surged by 4.13x YoY and stood at Rs276.23m as compared to Rs66.85m in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a higher tax worth Rs22.65m against the Rs18.27m paid in the corresponding period of last year, depicting a rise of 24.01% YoY.
| Consolidated (un-audited) Financial Results for half year ended 31 December, 2023 (Rupees in '000) | |||
|---|---|---|---|
| Dec 23 | Dec 22 | % Change | |
| Income / (Loss) | (932,013) | 4,360,017 | - |
| Administrative and general expenses | (694,536) | (639,543) | 8.60% |
| Other comprehensive income / (loss) for the period | (3,570) | 23,159 | - |
| Other Income | 19,756 | 64,729 | -69.48% |
| Other Operating Expenses | (1,306) | (53) | 2364.15% |
| Finance Cost | (276,228) | (66,850) | 313.21% |
| Profit before taxation | (1,887,897) | 3,741,459 | - |
| Taxation | (22,651) | (18,266) | 24.01% |
| Loss from discontinued operations | - | (186,726) | - |
| Net profit / (loss) for the period | (1,910,548) | 3,536,467 | - |
| Basic earnings/ (loss) per share | (3.40) | 6.59 | - |
Amount in thousand except for EPS
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