Karachi: TRG Pakistan Limited has reported a substantial financial loss for the fiscal year ending June 30, 2024. The information, sourced from the company’s recent disclosures to the Pakistan Stock Exchange, reveals a deep dive into its financial performance with stark contrasts to the previous year's outcomes.
TRG Pakistan, a prominent entity on the Pakistan Stock Exchange, experienced a troubling downturn in its financial affairs this year. According to information available from the Pakistan Stock Exchange (PSX), the company faced an overwhelming loss after taxation of Rs. 30.85 billion for the year 2024, compared to a loss of Rs. 1.34 billion in 2023. This marked an increase in losses by more than twenty-two fold.
The company’s operating loss was reported at Rs. 327.35 million, sharply up from Rs. 191.22 million recorded in 2023. Additionally, TRG Pakistan suffered a significant share of loss from its equity-accounted investees, which soared to Rs. 35.91 billion from just Rs. 1.35 billion in the previous year.
Despite these challenges, the company saw a taxation gain amounting to Rs. 5.39 billion, a notable increase from Rs. 206 million gained in 2023. However, this was overshadowed by a dramatic shift in other comprehensive income, particularly the effect of translation of net investment in foreign associates, which shifted from a gain of Rs. 19.29 billion in 2023 to a loss of Rs. 1.37 billion in 2024.
In the absence of dividends, bonus shares, or rights shares, and with ongoing restrictions from the High Court of Sindh preventing the annual general meeting, stakeholders are left with limited immediate prospects for recovery. The total comprehensive loss for the year was calculated at Rs. 32.21 billion, compared to a comprehensive income of Rs. 17.95 billion in the previous year, further complicating the financial landscape for TRG Pakistan.
The company's per-share loss also reflected the dire state of affairs, with basic and diluted losses per share skyrocketing to Rs. 56.561 from Rs. 2.450 in 2023.
TRG Pakistan has committed to keeping its stakeholders informed through the Pakistan Stock Exchange Limited as developments occur, particularly concerning the permission from the High Court to convene its AGM.