TRG’s profitability tumbles by 96% YoY in 1QFY22

MG News | October 29, 2021 at 10:46 AM GMT+05:00

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October 29, 2021 (MLN): TRG Pakistan Limited (PSX: TRG) witnessed a slash of 96% in its profitability for the quarter ended on September 30th, 2021, to clock in at Rs31.60 million, against Rs816.5mn in 1QFY21.

This translated into the company’s basic and diluted earning per share to stand at Rs0.06 per share.

The bottom line of the company has shrunk on the back of a significant decline in revenue and share of profit in equity.

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, the revenue of the company plunged to Rs3.83mn, down by 93.6% in 1QFY22, compared to Rs59.6mn in the same period last year (SPLY).

Meanwhile, the amount of administrative and other expenses has become double during the review period to stand at Rs9.85mn, against Rs4.92mn in 1QFY21.

In addition, the notable reduction in the share of profit in equity accounted investee by 95% have also dented the profitability of the company.

Consolidated Profit and Loss Account for the Quarter ended September 30, 2021 ('000 Rupees)
	Sep-21	Sep-20	% Change
Revenue	3,832	59,595	-93.57%
Administrative and other expenses	(9,853)	(4,920)	100.26%
Operating profit	(6,021)	54,675	-111.01%
Share of profit in equity accounted investee	44,254	917,045	-95.17%
Profit before Taxation	38,233	971,720	-96.07%
Taxation	(6,638)	(155,256)	-95.72%
Profit for the period	31,595	816,464	-96.13%
Basic and diluted loss per share - Rupees	0.06	1.50	-96.13%

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