TREET suffers Rs189m loss despite higher revenue in FY24

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MG News | September 27, 2024 at 03:44 PM GMT+05:00

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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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