TREET suffers Rs189m loss despite higher revenue in FY24

September 27, 2024 (MLN): Treet Corporation Limited (PSX: TREET) bared a loss of Rs189.15 million [LPS: Rs0.87] in FY24 compared to a profit of Rs133.45m [EPS: Rs0.61] reported in the previous fiscal year.

Going by the results, the company's top line increased by 7.5% to Rs10.94bn as compared to Rs10.17bn in SPLY.

However, the cost of sales rose by a greater proportion due to which the gross profit worsened by 3.4% to Rs3.15bn in FY24.

The gross margins worsened to 28.8% as compared to 32% in SPLY.

TREET experienced a significant increase in operating expenses, with all subcategories rising.

Administrative expenses rose 39.1% YoY to Rs1.06bn. Distribution cost increased 8% YoY to Rs1.18bn, while other operating expenses expanded 80.6% YoY to Rs275.3m.

During the period under review, other income expanded 103.6% to stand at Rs1.12bn in FY24 as compared to Rs547.72m in SPLY.

This benefit was offset by a higher finance cost, up by 26.4% to Rs1.88bn mainly due to higher interest rates.

On the tax front, the company paid a lower tax worth Rs53.9m against the Rs175.1m paid in the corresponding period of last year, depicting a decrease of 69.2%.

Amount in thousand except for EPS

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