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TRGIL drags TRG Pakistan into red zone in 1QFY24

TRG incurs Rs6.8bn loss in Q1 2024
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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

TRG and KSE-100 YTD Performance

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Posted on: 2023-10-30T10:18:44+05:00