Corporate Result: TRG’s net losses increased by 45%

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TRG Pakistan Limited (PSX: TRG) has unveiled its financial results for the Nine Months ended March 31, 2020, as per results, the company has observed significant rist by 65.35% YoY basis to Rs, 493 Bn. The company announced the Loss Per share of Rs. 1.83.

During the period under review, the company net sales witnessed a rise of 36.5% to Rs. 70 Bn aided by a weaker Rupee against the US Dollar.

The company’s recurring operating subsidiary revenues jumped to Rs 1.18 Bn, which were offset by net recurring cash operating costs (excluding interest) of Rupees 64,395 million, resulting in recurring earnings before interest, taxes, depreciation and amortization at the operating subsidiary level of Rupees 5,678 million.

As per the company’s quarterly report issued, TRG’s operating subsidiaries incurred a net interest expense of Rupees 3,728 million to service their respective loans and lines of credit.

Total corporate overheads for the nine months were Rupees 377 million. In non-cash adjustments, the company had depreciation and amortization expenses of Rupees 4,293 million, stock option charge of Rupees 140 million and exchange loss of Rupees 117 million which helped in extending the company’s net losses.

In addition to this, the company incurred a non-cash interest expense of Rupees 1,617 million on account of preferred shares issued by the TRG’s subsidiaries and tax expense of Rupees 339 million further crumbled company’s income.

TRG – 3rd Quarter
Quarter ended

LPS 2020 = (0.93) PKR
LPS 2019 = (1.01) PKR

Nine Months Ended

LPS 2020 = (1.83) PKR
LPS 2019 = (1.66) PKR

Cash Dividend = NIL
Bonus Share = NIL