Qudsia Bano

TPL Properties Limited’s other income climbed 100% to Rs188 million in the first nine months of the previous fiscal year 2021-22 from Rs94 million in the corresponding period of fiscal 2020-21. It is important to mention here that other income includes income from interest, rent, and gains resulting from the sale of fixed assets.

However, the gross profit of the company decreased by 91% to Rs24 million during the 9MFY22 from Rs272 million in 9MFY21. The net loss increased 238% to Rs108 million during the period under review compared with a loss of Rs32 million in the corresponding period of last year, reports WealthPK.

Company’s financial performance in FY21

During the fiscal year 2020-21, the company generated an income of Rs283 million, which was down 58% from the income of Rs678 million in 2019-20. The gross profit during the year also decreased 40% to Rs274 million from R461 million the previous year.

The company sustained a massive loss-after-tax of Rs564 million in FY21 compared to a profit-after-tax of Rs276 million in FY20, showing a negative growth of 304%.

The gross profit ratio of the company stood at 97% in FY19 and FY21, but dipped to 68% in FY20. Net profit to sales peaked at 181% in FY19 but dropped to 41% during FY20 and to -199% in FY21. Return to equity remained healthy at 12% during FY19, but dropped to 4% in FY20 and further to -10% in FY21.

The earnings per share of the company kept decreasing since 2018 when it was Rs3.77, and plunged to -Rs1.72 in 2021. TPL Properties Limited was established in Pakistan as a private limited company on February 14, 2007. However, the company's status was converted into public-limited entity in 2016. The company mainly invests in buying, developing and building real estate, as well as selling, renting or disposing of real estate, including both commercial and residential buildings, stores, plots and other locations.

Credit : Independent News Pakistan-WealthPk