Tri-Star Power registers net loss of Rs7.59m in 1HFY24
MG News | February 27, 2024 at 05:22 PM GMT+05:00
February 27, 2024 (MLN): Tri-Star Power Limited (PSX: TSPL) has recorded a net loss of Rs7.59 million [LPS: Rs0.51] compared to a profit of Rs2.14m [EPS: Rs0.3] recorded in the same period last year (SPLY).
Going by the results, the company's top line plunged by 17.76% YoY to Rs5m as compared to Rs6.08m in SPLY.
The cost of sales also fell by 83.98% YoY but the drop was lower than proportionate to sales decline, which worsened the gross profit by 5.02% YoY to Rs4.84m in 1HFY24.
Accordingly, the gross margins improved to 96.86% in 1HFY24 as compared to 83.87% in SPLY.
The expense section shows that the distribution and selling expenses stood at Rs13.44m, significantly higher than the expense reported in 1HFY23.
The financial result further shows that the company's other income inched up by 0.55% YoY to stand at Rs1.01m in 1HFY24 as compared to Rs1m in SPLY.
The company’s finance cost decreased massively by 2x YoY, despite higher interest rates.
On the tax front, the company did not incur any tax expense in 1HFY24, while in 1HFY23 it received a tax rebate of Rs2.14m.
| Statement of profit and loss for the half year ended 31 December 2023 (Rupees in '000) | |||
|---|---|---|---|
| Dec 23 | Dec 22 | % Change | |
| Sales | 5,000 | 6,080 | -17.76% |
| Cost of sales | (157) | (981) | -83.98% |
| Gross Profit | 4,843 | 5,099 | -5.02% |
| Distribution and selling expenses | (13,442) | (206) | 6412.31% |
| Other Income | 1,008 | 1,003 | 0.55% |
| Financial Expenses | (0) | (2,336) | -100.00% |
| Profit before taxation | (7,591) | 3,559 | - |
| Taxation | 0 | (1,419) | |
| Net profit for the period | (7,591) | 2,141 | - |
| Basic earnings/ (loss) per share | (0.51) | 0.30 | - |
Amount in thousand except for EPS
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