Karachi: TPL Properties Limited has announced a substantial financial downturn for the fiscal year ending June 30, 2024, reflecting a significant shift from the previous year's profitability. This year, the company recorded a net loss of 3.08 billion rupees, a sharp decline from the net income of 5.24 billion rupees reported in 2023.

According to the unconsolidated financial statements, the operating loss for the year stood at 3.74 billion rupees, compared to an operating profit of 4.27 billion rupees in the prior year. This decline in performance can be attributed to increased administrative and general expenses which, despite a reduction from 978.45 million rupees in 2023 to 650.75 million rupees in 2024, could not mitigate the overall financial strain. Finance costs also rose, totaling 603.20 million rupees for the year.

Further compounding the company's financial challenges were heightened finance costs under the consolidated statements, which surged to 595.59 million rupees in 2024 from 170.77 million rupees the previous year. The consolidated net loss was reported at 4.03 billion rupees, a stark contrast to the net profit of 5.51 billion rupees in 2023.

According to information available from the Pakistan Stock Exchange (PSX), TPL Properties also reported a downturn in earnings per share, from 7.50 rupees in 2023 to a loss of 6.47 rupees per share in 2024. The consolidated earnings per share similarly reflected a decrease, from 5.18 rupees in 2023 to a loss of 7.10 rupees in 2024.

The Board of Directors, meeting on September 24, 2024, in Karachi, acknowledged the challenging financial landscape and opted not to declare any dividends, bonus shares, or rights shares for the year. The annual general meeting is scheduled for October 28, 2024, in Karachi, where stakeholders will discuss the way forward amidst these financial challenges.

The Annual Report of the company will be transmitted through PUCARS at least 21 days before the holding of the Annual General Meeting, providing shareholders a comprehensive view of the financial details and future outlook.