Karachi May 5 2024: TRG Pakistan income statement is primarily driven by the changes in value of our share in TRGIL. Company’s share of the net loss in its equity accounted investee, TRGIL, was Rupees 7.1 billion for the quarter ended March 31, 2024, primarily because of the decrease in the public share price of Ibex during the period, states company.
Share price of the company fall 43.73 perent since start of this year at Pakistan Stock Exchange.
The Company recognized interest income of Rupees 1.8 million during this quarter, whereas it incurred expenses of Rupees 198.8 million. Deferred tax amounting to Rupees 2.9 billion was reversed during the period. Consequently, the Company posted an overall net loss of Rupees 6.1 billion for the quarter ended March 31, 2024. For the nine-months ended March 31, 2024, our net loss was Rupees 16.7 billion.
The loss per share of the Company was Rupees 11.24 for the quarter ended March 31, 2024, and Rupees 30.67 for the nine-months ended March 31, 2024.
The most significant item on TRG Paksitan balance sheet is the value of the Company’s share in its associate The Resource Group International Limited (TRGIL), its sole operating asset. As of March 31, 2024, the value of such share in TRGIL is Rupees 56.8 billion, compared to Rupees 64.7 billion on December 31, 2023 representing a decrease of Rupees 7.9 billion (the corresponding figure for June 30, 2023 was Rupees 78.1 billion).
This decrease is on account of loss from its associate during the quarter ending March 31, 2024, which in turn is primarily due to the decrease in the public share price of Ibex over the course of the period. In addition to the Company’s stake in TRGIL, it also has other assets of Rupees 0.03 billion and liabilities of Rupees 9.6 billion (primarily relating to deferred taxes), resulting in net assets of Rupees 47.2 billion.
