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

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%.

Amount in thousand except for EPS

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