KARACHI: TRG Pakistan Ltd posted a loss of Rs12.6 billion for October-December versus a net profit of Rs3.6bn a year ago, a stock filing showed on Tuesday.

According to AKD Securities, the significant loss was mainly due to a net loss on investment in TRGIL, an associate company, to the tune of Rs14.8bn.

“This was due to (the) mark-to-market of investment in IBEX after its share price slid down by 34pc during October-December, resulting in a loss of Rs6.8bn,” it said.

An additional loss was from the redemption of certain preference shares that were originally classified as debt owed to their holders, the brokerage added.

Unity Foods earnings up

Unity Foods Ltd posted unconsolidated profit of Rs1.1bn for October-December, up 20pc from a year ago.

A stock notice by the company on Tuesday said revenues grew 17pc to Rs20bn. This was led by a significant increase in the edible oil segment in which a major contribution came from the palm oil category followed by soft oil (seed-crushing oil), said a note by Topline Securities.

The gross margin stood at 11pc against 9pc a year ago. “The major reason behind the surge in margins is inventory gains as the company’s oil procurement price was quite low,” the brokerage said.

BankIslami profit rises 25pc

BankIslami Pakistan Ltd reported on Tuesday its earnings for 2021 remained Rs2.1bn, up 25.1pc from 2020.

A press release said the bank’s deposit base grew 21pc. With an improvement in its deposit base, earning assets of the bank also showed healthy growth whereby funded exposure was increased by means of financing to corporate and consumer segments and growth in the investment portfolio.

Islamic financing increased 39.2pc whereas investments registered a growth of 31.1pc.

Published in Dawn, March 2nd, 2022