Karachi April 28 2023: TRG Pakistan Limited reported profit of Rupees 25.7 billion for the nine-months period ended March 31, 2023, according to company filing to the exchange.
The most significant item on TRG Pakistan balance sheet is the value of the Company’s share in its associate The Resource Group International Limited (TRGIL), our sole operating asset. As of March 31, 2023, the value of our share in TRGIL is Rupees 87.1 billion, representing an increase of Rupees 30.4 billion compared to Rupees 56.7 billion on June 30, 2022. This increase is driven both by profit from our 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 Rupees 0.02 billion and liabilities of Rupees 13.8 billion (primarily relating to deferred taxes) resulting in net assets of Rupees 73.3 billion.
Company income statement is primarily driven by the changes in value of our share in TRGIL. Company share of the net profit in equity accounted investee (i.e. TRGIL) was Rupees 6.8 billion, before taxation, which was mainly on account of mark-to-market gain booked on IBEX shares. The Company recognized interest income of Rupees 0.7 million in its income statement, whereas it incurred expenses of Rupees 118 million. Deferred tax amounting to Rupees 1.0 billion was booked during the period. Overall, the Company posted net profit of Rupees 5.7 billion for the nine-months period ended March 31, 2023.
The earnings per share of the Company was Rupees 10.45 per share (March 31, 2022: 19.05 loss per share) for the nine-month period ending March 31, 2023.