Karachi: TPL REIT Fund I, managed by TPL REIT Management Company Limited, announced its financial results for the quarter ended September 30, 2024, revealing continued losses. During a board meeting held on October 25, 2024, in Karachi, the company declared no cash dividends, bonus shares, right shares, or other entitlements for the period.

According to the unconsolidated financial statement, the fund reported a total income of 115.30 million rupees, up from 85.77 million rupees in the same quarter last year. This increase was primarily driven by dividend income, which reached 130.00 million rupees compared to 125.00 million rupees in the previous year. However, the fund also recorded higher total expenses of 156.70 million rupees, compared to 139.26 million rupees last year, resulting in an operating loss of 41.40 million rupees, an improvement from the 53.50 million rupees loss in the prior year. The loss for the period after taxation stood at 44.78 million rupees, a slight reduction from 53.50 million rupees in 2023.

In the consolidated financial statement, TPL REIT Fund I reported a total income for the period of 110.69 million rupees, compared to 88.31 million rupees in the corresponding quarter of 2023. Despite the increase in income, the fund's total expenses rose to 160.82 million rupees, up from 141.85 million rupees last year. The loss before taxation was 50.13 million rupees, similar to the previous year's loss of 53.55 million rupees. The loss after taxation amounted to 50.13 million rupees, slightly reduced from 53.55 million rupees in the prior year.

According to information available from the Pakistan Stock Exchange (PSX), the loss attributable to unit holders of the group was 50.06 million rupees, with a minor loss of 0.07 million rupees attributed to non-controlling interest. The loss per unit, both basic and diluted, was reported at 0.04 rupees.

Despite the losses, the fund's quarterly report will be transmitted through PUCARS within the specified time frame, and the TRE Certificate Holders of the Pakistan Stock Exchange will be informed accordingly. The financial results highlight ongoing challenges faced by the fund as it navigates through a complex financial landscape.