Karachi: Financial results of TPL REIT Fund I for the fiscal year ending June 30, 2024, reflect steady profitability despite a lack of dividend distributions or bonus share issuances. The announcement was made following a board meeting of TPL REIT Management Company Limited in Karachi on September 23, 2024.

The TPL REIT Fund I, managed by TPL REIT Management Company Limited, disclosed unconsolidated and consolidated financial outcomes showing significant shifts in profitability compared to the previous year. According to information available from the Pakistan Stock Exchange (PSX), the fund registered a basic and diluted earnings per unit of Rs. 0.23 in 2024, down from Rs. 6.97 in 2023, on an unconsolidated basis. Similarly, on a consolidated basis, earnings per unit were recorded at Rs. 0.19, a decline from Rs. 6.88 in the prior year.

On the income front, the unconsolidated total income for the year amounted to Rs. 1,039.05 million, with a major portion attributed to unrealized gains on remeasurement of investments which decreased significantly to Rs. 564.73 million in 2024 from Rs. 11,122.27 million in 2023. The consolidated statements reflected a similar trend, where total income stood at Rs. 997.53 million, led by profit on bank deposits and unrealized gains on investment properties.

The company's expense line on an unconsolidated basis showed a total of Rs. 662.67 million, with major charges including management fees and performance fees totaling Rs. 595.34 million. Consolidated expenses were slightly higher at Rs. 679.48 million, dominated by similar categories.

Profit before taxation on an unconsolidated basis reached Rs. 376.37 million, a decrease from the previous year's Rs. 9,213.49 million. After taxation, the profit remained the same, indicating nil tax impact for the year. Consolidated profit after taxation was also recorded at Rs. 318.05 million, compared to Rs. 9,096.23 million in the prior year, indicating a substantial reduction.

The financial statements will be available through the PUCARS system within the specified timeframe, and the Annual Report will be sent to TRE Certificate Holders of the Pakistan Stock Exchange in due course.