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
Copyright Mettis Link News
Related News
| Name | Price/Vol | %Chg/NChg |
|---|---|---|
| KSE100 | 177,370.71 271.87M | 0.23% 404.02 |
| ALLSHR | 107,716.20 642.21M | 0.11% 116.44 |
| KSE30 | 52,827.24 82.38M | 0.35% 182.71 |
| KMI30 | 251,579.93 132.42M | 0.03% 64.11 |
| KMIALLSHR | 69,528.14 417.99M | 0.00% 2.11 |
| BKTi | 50,313.91 13.15M | 1.11% 551.71 |
| OGTi | 36,509.94 8.96M | -0.87% -321.36 |
| Symbol | Bid/Ask | High/Low |
|---|
| Name | Last | High/Low | Chg/%Chg |
|---|---|---|---|
| BITCOIN FUTURES | 78,680.00 | 79,360.00 77,650.00 | -330.00 -0.42% |
| BRENT CRUDE | 87.98 | 89.71 85.41 | -0.60 -0.68% |
| RICHARDS BAY COAL MONTHLY | 110.30 | 0.00 0.00 | 0.80 0.73% |
| ROTTERDAM COAL MONTHLY | 124.80 | 0.00 0.00 | 0.00 0.00% |
| USD RBD PALM OLEIN | 1,228.00 | 1,228.00 1,228.00 | 0.00 0.00% |
| CRUDE OIL - WTI | 82.33 | 83.31 79.62 | -0.03 -0.04% |
| SUGAR #11 WORLD | 17.62 | 17.84 17.14 | 0.35 2.03% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
| Name | Last | Chg/%Chg |
|---|
| Name | Last | Chg/%Chg |
|---|
Monetary Aggregates (M3) - Monthly Profile