April 23, 2024 (MLN): Treet Corporation Limited (PSX: TREET) revealed its earnings for the quarter ended March 31, 2024 (3QFY24), wherein the profit after tax clocked in at Rs138.64 million [EPS: Rs0.55], reflecting a rise of 66.65% YoY compared to a profit of Rs83.2m [EPS: Rs0.37] in the same period last year (SPLY).
Going by the results, the company's top line ticked up by 3.95% YoY to Rs6.55 billion in 3QFY24 as compared to Rs6.3bn in SPLY.
The cost of sales also expanded by 5.19% YoY, but due to the rise in sales outweighing this increase, the gross profit inched up by 0.22% YoY to Rs1.57 billion in 3QFY24.
On the expense side, the company observed an increase in Distribution and marketing expenses by 3.37% YoY and other expenses by 84.88% YoY to clock in at Rs538.44m and Rs1.43m respectively during the review period.
Likewise, TREET's administrative costs increased by over 47% YoY this quarter and were recorded at Rs323.53m.
The company's profits were primarily driven by a significant positive other income of Rs95.27M, compared to a loss of Rs105.25M incurred in 3QFY24.
The finance section shows that costs expanded by 29.48% YoY and stood at Rs591.35m as compared to Rs456.72m in 3QFY23, mainly due to higher interest rates.
On the tax front, the company paid a higher tax worth Rs114.62m against the Rs149.36m paid in the corresponding period of last year, depicting a rise of 23.26% YoY.
| Consolidated (un-audited) Financial Results for Quarter ended 31 March 2024 (Rupees in '000) | |||
|---|---|---|---|
| March 24 | March 23 | % Change | |
| Revenue from contracts with customers – net | 6,552,056 | 6,303,094 | 3.95% |
| Cost of sales | (4,977,406) | (4,731,977) | 5.19% |
| Gross Profit | 1,574,650 | 1,571,117 | 0.22% |
| Distribution and marketing expenses | (538,437) | (520,894) | 3.37% |
| Administrative expenses | (323,531) | (219,952) | 47.09% |
| Share of net profit / (loss) of an Associate | 38,088 | (26,268) | – |
| Other Income | 95,273 | (105,249) | – |
| Other expenses | (1,434) | (9,481) | -84.88% |
| Finance expenses | (591,348) | (456,719) | 29.48% |
| Profit before taxation | 253,261 | 232,554 | 8.90% |
| Taxation | (114,619) | (149,358) | -23.26% |
| Net profit for the period | 138,642 | 83,196 | 66.65% |
| EPS | 0.55 | 0.37 | – |
Amount in thousand except for EPS
Copyright Mettis Link News
Posted on: 2024-04-23T16:39:41+05:00
