Finance cost erodes TBL’s profitability in first half of FY24

MG News | February 27, 2024 at 03:28 PM GMT+05:00

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February 27, 2024 (MLN): Treet Battery Limited (PSX: TBL) reported its financial performance for the half year ended December 31, 2023, wherein the company incurred a net loss of Rs283.66m [LPS: Rs0.32].

It is worth mentioning that the company was listed on the Pakistan Stock Exchange (PSX) on December 15, so the prior year's performance data is not publicly available.

The net sales of the company were recorded at Rs3.62bn, while the cost of sales stood at Rs2.88bn.

Consequently, the company achieved a gross profit margin of 20.5% in 1HFY24.

The company’s expenses for the review period included administrative and general expenses worth Rs22.37m, selling and distribution expenses worth Rs373.41m, and other expenses worth Rs3.12m.

The operating profit of the company clocked in at Rs343.02m.

TBL incurred a finance cost of Rs629.22m, significantly denting its profitability.

The other income of the company was Rs31.36m in 1HFY24, while the company paid Rs28.81m as taxation.

Unconsolidated (un-audited) Financial Results for half year ended December 31, 2023 (Rupees in '000)
	Dec 23	Dec 22
Sales	3,620,670	-
Cost of sales	(2,878,746)	-
Gross Profit	741,924	-
Administrative Expenses	(22,372)	-
Selling and distribution expenses	(373,409)	-
Other Income	31,360	35
Other Expenses	(3,124)	-
Finance Cost	(629,222)	-
Profit before taxation	(254,843)	35
Taxation	(28,812)	-
Net profit for the period	(283,655)	35
Basic earnings/ (loss) per share	(0.32)	0.25

Amount in thousand except for EPS

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