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Exchange Gains helps drive TRG to Rs 25.7 Billion Profit

April 28, 2023 at 12:08 pm | Economic Affairs

April, 28(E. A Report) — TRG Pakistan Limited reported profit of Rupees 25.7 billion for the nine-month, chiefly on exchange gains.
According to company filing, chief profit increase attributed to be driven both by profit from their associate as well as exchange gain on our investment due to a weaker PKR to USD exchange rate.
Most significant item on TRG Pakistan balance sheet is value of company’s share in its associate The Resource Group International Limited (TRGIL), their sole operating asset.
Compony showed value of share in TRGIL as Rs 87.1 billion, representing an increase of Rs.30.4 billion compared to Rs. 56.7 billion on June last year. That increase attributed to be driven both by profit from their associate as well as exchange gain on our investment due to a weaker PKR to USD exchange rate. In addition to the Company’s stake in TRGIL, it also has other assets of Rs 0.02 billion and liabilities of Rs.13.8 billion (primarily relating to deferred taxes) resulting in net assets of Rs 73.3 billion.
Company income statement is primarily driven by the changes in value of share in TRGIL. Company share of the net profit in equity accounted investee (i.e. TRGIL) was Rs 6.8 billion, before taxation, which was mainly on account of mark-to-market gain booked on IBEX shares.
According to statement, company recognized interest income of Rs.0.7 million in its income statement, whereas it incurred expenses of Rs.118 million. Deferred tax amounting to Rupees 1.0 billion was booked during the period. Overall, the Company posted net profit of Rs5.7 billion for the nine-months period ended March023.
The earnings per share of the Company was Rupees 10.45 per share (March this year: 19.05 loss per share) for the nine-month period ending March.

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