TRG Pakistan posts losses

KARACHI: TRG Pakistan has posted a net loss of Rs9.64 billion for the year ended June 30, 2017, which is around six times higher than the loss of Rs1.66 billion reported in the previous year.

The loss per share (LPS) for the year under review stood at Rs8.03 as against LPS of Rs1.50 reported for the year ended June 30, 2016.

The company’s revenues for the year stood at Rs35.99 billion, up 14 percent as against the revenues of Rs30.69 billion in the previous year.

An analyst at Topline Securities said steep decline in earnings primarily stemmed from higher administrative and general expenses, which were Rs11.2 billion for FY17 over the previous year’s Rs4.9 billion.

Other than higher admin expenses, gross margin for FY17 also declined to nine percent, which shows increasing competitions in its lines of businesses.

TRG is a holding company and holds 46 percent stake in TRG International Limited (TRGIL), which in turn owns stakes in over 20 companies that offer services such as software and artificial intelligence (Afiniti), call center (IBEX Global), market research (iSKY), etc.