TRG incurs Rs6.8bn loss in Q1 2024

April 30, 2024 (MLN): TRG Pakistan Limited (PSX: TRG) reported its profit and loss statement for the first quarter of 2024, wherein the total comprehensive loss clocked in at Rs6.83 billion compared to a profit of Rs11.22bn in the same period last year (SPLY).

Going by the results, the company's interest income inflated by 6.5x YoY to Rs0.52m as compared to Rs0.08m in SPLY.

The administrative expenses rose 23.5% YoY to Rs63.7m in the first three months ended March 2024.

The income statement was primarily driven by the changes in value of its share in TRGIL.

TRG's share of the net loss in its equity accounted investee, TRGIL, was Rs7.1bn for the quarter ended March 31, 2024, primarily because of the decrease in the public share price of Ibex during the period.

On the tax front, the company paid a higher tax worth Rs1.07bn against the Rs601.14m paid in the corresponding period of last year, depicting an increase of 78.1% YoY.

Consequently, the company posted an overall net loss of Rs6.13bn for the quarter compared to a loss of Rs3.58bn in SPLY.

In the same quarter of last year, the total comprehensive income was largely owed to the effect of translation of net investment in foreign associate, which amounted to Rs14.68bn. Meanwhile in Q1 2024, the same head recorded a loss of Rs704.5m.

Amount in thousand except for EPS

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