Karachi: TPL Corp Limited disclosed its financial results for the fiscal year ended June 30, 2024, revealing substantial losses across its unconsolidated and consolidated financial statements.

The unconsolidated financial statement exhibited a loss before taxation of Rs. 1.35 billion, worsening from a loss of Rs. 800.90 million in the previous year. The total comprehensive loss significantly deepened to Rs. 5.33 billion from Rs. 2.18 billion year-over-year. Notably, the loss per share increased from Rs. 3.23 to Rs. 5.23.

According to information available from the Pakistan Stock Exchange (PSX), TPL Corp's consolidated financial statement portrayed an even grimmer picture. The company reported a turnover of Rs. 4.90 billion, a stark decrease from Rs. 11.76 billion in 2023. The gross profit turned into a loss of Rs. 338.02 million compared to a profit of Rs. 7.32 billion in the previous year. The consolidated net loss for the year stood at Rs. 5.17 billion, a significant downturn from a profit of Rs. 1.19 billion in 2023.

The firm's administrative and distribution expenses continued to exert pressure, with administrative costs totaling Rs. 3.35 billion and distribution expenses reported at Rs. 418.82 million. Other expenses and finance costs also contributed heavily to the financial distress, with finance costs amounting to Rs. 2.58 billion.

The Annual General Meeting of TPL Corp is scheduled for October 28, 2024, at Karachi, where these results and future strategies will be discussed in depth. The annual report will be available at least 21 days prior to the meeting, ensuring transparency and shareholder engagement.