TRG Pakistan manages to trim down annual losses by 30%

October 11, 2018 (MLN): Annual consolidated losses for TRG Pakistan have dropped by a significant margin of almost 30% for the year ended on June 30th 2018, mainly due to improved revenues and reduced Depreciation, amortization and other non-cash costs.

TRG’s Board of Directors meeting took place yesterday, during which the company’s financial earnings for the year were reviewed and compared with the prior year.

According to the financial report issued to the PSX earlier this morning, TRG made 36% higher revenues during the year, leaping up from around Rs.36 billion to Rs.49 billion, a change of Rs.13 billion.

However, since payroll and related costs jumped by Rs.8 billion, acquisition expenses hiked by around Rs.2 billion and other operating costs reported a rise of almost Rs.2 billion, the optimistic contribution made by increased revenues was cancelled out.

Fortunately, reduced depreciation, amortization, other non-cash costs and finance cost provided some relief to the company by bringing down losses from Rs.9.6 billion to Rs.6.7 billion on a year-on-year basis.

The company’s basic and diluted losses per share reduced by 33% as well, slipping from a loss of Rs.8.03 per share to Rs.5.38 per share.

Consolidated Profit and Loss Account for the year ended June 30th 2018 ('000 Rupees)

 

Jun-18

Jun-17

% Change

Revenue

                              49,056,553

                              35,990,660

36.30%

Other operating income

                                    217,297

                                    436,825

-50.26%

Payroll and related cost

                              34,738,867

                              26,285,206

32.16%

Acquisition expenses

                                 4,150,509

                                 2,479,996

67.36%

Depreciation, amortization and other non-cash costs

                                 3,879,812

                                 5,930,624

-34.58%

Other operating costs

                              11,273,304

                                 9,700,216

16.22%

Loss from operations

                              (4,768,642)

                              (7,968,557)

-40.16%

Finance expenses

                              (1,975,882)

                              (1,719,815)

14.89%

Loss before taxation

                              (6,744,524)

                              (9,688,372)

-30.39%

Income tax (expenses)/income

                                    (28,900)

                                       46,939

 

Net loss for the year

                              (6,773,424)

                              (9,641,433)

-29.75%

Basic and diluted loss per share – Rupees

                                         (5.38)

                                         (8.03)

-33.00%

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Posted on: 2018-10-11T10:07:00+05:00

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