TREET suffers Rs189m loss despite higher revenue in FY24

MG News | September 27, 2024 at 03:44 PM GMT+05:00
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%.
Unconsolidated (un-audited) Financial Results for year ended June 30, 2024 (Rupees in '000) | |||
---|---|---|---|
Jun 24 | Jun 23 | % Change | |
Sales | 10,935,371 | 10,173,875 | 7.48% |
Cost of sales | (7,785,766) | (6,913,631) | 12.61% |
Gross Profit/ (loss) | 3,149,605 | 3,260,244 | -3.39% |
Administrative Expenses | (1,059,782) | (761,857) | 39.11% |
Distribution cost | (1,183,359) | (1,096,011) | 7.97% |
Other Income | 1,115,040 | 547,715 | 103.58% |
Other Operating Expenses | (275,301) | (152,430) | 80.61% |
Finance Cost | (1,881,450) | (1,489,112) | 26.35% |
Profit/ (loss) before taxation | (135,247) | 308,549 | - |
Final tax / levies | (53,902) | (175,096) | -69.22% |
Net profit/ (loss) for the period | (189,149) | 133,453 | - |
Basic earnings/ (loss) per share | (0.87) | 0.61 | - |
Amount in thousand except for EPS
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