TRG Pakistan cuts losses by 73% in FY23

MG News | October 02, 2023 at 10:38 AM GMT+05:00

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October 02, 2023 (MLN): TRG Pakistan Limited (PSX: TRG) reduced its losses after tax by 73.18% YoY in FY23, to clock in at Rs1.34 billion [LPS: Rs2.45] against a loss of Rs4.98bn [LPS: Rs9.13] in FY22.

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

TRG’s share of the net loss in equity accounted investee (i.e. TRGIL) was Rs1.4bn, before taxation.

On the other hand, there was a mark-to-market gain booked on Ibex shares held by TRGIL as Ibex’s share price on NASDAQ increased by almost 26% during the year under review.

This was, however, offset by a loss resulting from the revaluation of TRGIL’s stake in the AI Software company as well as operating expenses incurred by TRGIL during the year.

The company recognized interest income of Rs0.9 million in its income statement, whereas it incurred expenses of Rs192.2m.

On the taxation front, the company recorded a tax reversal amounting to Rs205.5m during the year.

Profit and Loss Account for the year ended June 30, 2023 ('000 Rupees)
	Jun-23	Jun-22	% Change
Interest income	952	8,548	-88.86%
Administrative and other expenses	(192,175)	(46,365)	314.48%
Operating (loss)/ profit	(191,223)	(37,817)	405.65%
Share of (loss)/profit in equity accounted investee	-1,350,357	-14,732,069	-90.83%
Dilution gain on equity accounted investee	-	8,863,693	-
Other Income	-	23,098	-
(Loss)/Profit before taxation	(1,541,580)	(5,883,095)	-73.80%
Taxation	205,534	902,369	-77.22%
(Loss)/Profit after taxation	(1,336,046)	(4,980,726)	-73.18%
Other comprehensive income
Items that may be reclassified to statement of profit or loss in subsequent periods
Effect of translation of net investment in foreign associate- net of tax	19,286,545	11,021,056	75.00%
Total comprehensive (loss)/income	17,950,499	6,040,330	197.18%
(Loss)/earnings per share -Basic and diluted loss	(2.45)	(9.13)	-

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