Karachi: Treet Corporation Limited, a key player in the manufacturing sector, has announced its financial results for the first quarter ended September 30, 2023. The disclosure was made following a Board of Directors meeting that took place on October 27, 2023, at the company’s registered office in Lahore. The board resolved not to issue any cash dividends, bonus issues, or right shares for the quarter.

In the un-audited condensed interim statement of profit or loss for the three months from July to September 2023, Treet Corporation Limited reported a net revenue of PKR 3,003,123 thousand, an increase from PKR 2,515,208 thousand in the same period in 2022. The cost of revenue was PKR (2,193,833) thousand, leading to a gross profit of PKR 809,290 thousand, up from PKR 750,655 thousand in 2022. Administrative and distribution costs totaled PKR (443,138) thousand, resulting in an operating profit of PKR 366,152 thousand, slightly lower than the PKR 403,542 thousand reported in the previous year. Other income stood at PKR 233,638 thousand, and financial expenses amounted to PKR (530,831) thousand. After accounting for workers’ profit participation fund and workers’ welfare fund expenses, the profit before taxation was PKR 62,479 thousand, a decrease from PKR 169,905 thousand in 2022. Taxation for the period was PKR (46,738) thousand, leading to a profit from continuing operations of PKR 15,741 thousand and earni ngs per share of PKR 0.09, down from PKR 0.59 in 2022.

In the consolidated statement of profit or loss, the revenue net was PKR 6,678,534 thousand, and the cost of revenue was PKR (5,136,491) thousand, resulting in a gross profit of PKR 1,542,043 thousand. The operating profit, after accounting for administrative and distribution costs, was PKR 853,505 thousand. Other income was reported at PKR 79,642 thousand, and financial expenses amounted to PKR (680,667) thousand. The share of profit of associates was PKR 235,067 thousand. After accounting for workers’ profit participation fund and workers’ welfare fund expenses, the profit before taxation stood at PKR 225,565 thousand. Taxation for the period, including group and associated company taxation, amounted to PKR (107,149) thousand. The profit after taxation was PKR 117,441 thousand, with PKR (21,807) thousand attributable to minority interest, resulting in a profit attributable to the group of PKR 95,634 thousand and earnings per share of PKR 0.54, a significant improvement from the loss per share of PKR (0.20) in 2022.