Lahore: Treet Corporation Limited disclosed its financial results for the year ended June 30, 2024, during a Board of Directors meeting held on September 27, 2024. The company reported a decline in profitability, reflecting a challenging fiscal environment.

According to information available from the Pakistan Stock Exchange (PSX), Treet Corporation Limited generated a revenue of 25.09 million PKR in 2024, compared to the prior year. However, high operational costs led to reduced profitability. The cost of revenue accounted for a significant portion, amounting to 19.37 million PKR, leading to a gross profit of 5.71 million PKR.

Administrative, distribution, and other operating expenses further eroded earnings, totaling 3.54 million PKR. After accounting for finance costs of 2.45 million PKR and other minor income streams, the company posted a pre-tax profit of 160,427 PKR. Subsequent levies and taxes pushed the company into a loss, culminating in a net loss after tax of 48,578 PKR for the year.

Attributable losses were detailed distinctly, with equity holders of the parent company bearing a loss of 131,279 PKR, while non-controlling interests saw a slight gain of 82,701 PKR. This fiscal snapshot underscores a downturn from a profitable stance in the previous year, with basic and diluted losses per share marked at 0.603 PKR.

In response to the financial downturn, the company declared no cash dividends, bonus issues, or rights shares for the year, maintaining a conservative stance amidst financial challenges.

Treet Corporation Limited also announced its upcoming Annual General Meeting (AGM) scheduled for October 28, 2024, in Lahore. Share transfer books will be closed from October 22 to October 28, 2024. For shareholder convenience, the financial statements for the year ended June 30, 2024, will be accessible via a QR code in the AGM notice and national newspapers.