TRGIL drags TRG Pakistan into red zone in 1QFY24
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MG News | October 30, 2023 at 10:18 AM GMT+05:00
October 30, 2023 (MLN): TRG Pakistan Limited (PSX: TRG) reported a loss of Rs8.54 billion [LPS: Rs15.66] in the first quarter of FY24, as compared to a profit of Rs11.53bn [EPS: Rs10.73] in 1QFY23.
Going by the results, TRG’s share of the net loss in equity accounted investee (i.e. TRGIL) was Rs10.59bn, before taxation.
To note, in the same period of last year, TRG made a profit worth Rs6.91bn from the equity accounted investee.
The company recognized interest income of just Rs0.59 million in its income statement, whereas it incurred expenses of Rs88.9m.
On the taxation front, the company recorded a tax reversal amounting to Rs1.59bn during the review period.
| Unconsolidated (un-audited) Financial Results for Quarter ended 30 September, 2023 (Rupees in '000) | |||
|---|---|---|---|
| Sep-23 | Sep-22 | % Change | |
| Interest income | 589 | 375 | 57.07% |
| Administrative and other expenses | (88,933) | (19,759) | 350.09% |
| Operating (loss)/ profit | (88,344) | (19,384) | 355.76% |
| Share of (loss)/profit in equity accounted investee | (10,591,845) | 6,905,253 | - |
| (Loss)/Profit before taxation | (10,680,189) | 6,885,869 | - |
| Taxation | 1,588,777 | (1,035,788) | - |
| (Loss)/Profit after taxation | (9,091,412) | 5,850,081 | - |
| Effect of translation of net investment in foreign associate- net of tax | 552,574 | 5,684,023 | -90.28% |
| Total comprehensive (loss)/income | (8,538,838) | 11,534,104 | - |
| (Loss)/earnings per share -Basic and diluted loss | (15.66) | 10.73 | - |
Amount in thousand except for EPS
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