Treet Battery reports Rs286m loss in FY24 despite 328% revenue surge

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MG News | September 27, 2024 at 04:03 PM GMT+05:00

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September 27, 2024 (MLN): Treet Battery Limited (PSX: TBL) saw a turnaround in FY24, as it suffered a loss of Rs285.99 million [LPS: Rs0.32] compared to the positive bottom line of Rs57.99m [EPS: Rs0.26] reported last year.

According to the profit and loss account, the company faced challenges during the review period, despite a sales revenue surge of 328%. This was due to operating expenses and finance costs rising at an even greater rate.

The cost of sales rose by 350% but as the growth in sales outpaced, the gross profit improved by 257.4% to Rs1.73bn in FY24.

A further positive boost came from the other income section, which increased by 125.1% to reach Rs149.9m in FY24, compared to Rs66.6m in the same period last year.

Due to higher inflation, the company's administrative expenses rose 366.5% YoY to Rs49.11m, while distribution costs increased 420.2% YoY to Rs824.1m.

Likewise, other operating expenses spiked 28.4% YoY to Rs9.44m, worsening the situation for TBL.

The company’s finance cost soared by 320% and stood at Rs1.26bn as compared to Rs301.17m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs20.13m against the Rs15.77m paid in the corresponding period of last year, depicting a rise of 27.7%.

Unconsolidated (un-audited) Financial Results for year ended June 30, 2024 (Rupees in '000)
  Jun 24 Jun 23 % Change
Sales 8,733,322 2,040,584 327.98%
Cost of sales (7,001,506) (1,555,955) 349.98%
Gross Profit/ (loss) 1,731,816 484,629 257.35%
Administrative Expenses (49,110) (10,527) 366.51%
Distribution cost (824,102) (158,416) 420.21%
Other Income 149,899 66,598 125.08%
Other Operating Expenses (9,441) (7,353) 28.40%
Finance Cost (1,264,922) (301,167) 320.01%
Profit/ (loss) before taxation (265,860) 73,764 -
Final tax / levies (20,134) (15,773) 27.65%
Net profit/ (loss) for the period (285,994) 57,991 -
Basic earnings/ (loss) per share (0.32) 0.26 -

Amount in thousand except for EPS

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