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

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