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Treasure Global Inc Reports Net Loss of $11.7 Million for Fiscal Year 2023
By USInMinutes - Oct 07, 2023, 02:33 PM ET
Last Updated - Oct 07, 2023, 02:33 PM EDT
Annual Revenue for Fiscal Year 2023 Stands at $69.4 Million
TREASURE GLOBAL INC [TGL], a leading financial services company, has announced its financial results for the fiscal year ended June 30, 2023. The company reported a net loss of $11.7 million for the year, compared to a net loss of $11.7 million in the previous year. Despite the challenging economic environment, Treasure Global Inc managed to generate a revenue of $69.4 million for the year, reflecting a decrease of 13.1% compared to the previous year.
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Financial Performance
The company's gross profit for the year stood at $0.5 million, representing a slight increase from $0.5 million in the previous year. Selling expenses amounted to $4.7 million, while general and administrative expenses and research and development expenses were reported at $4.7 million and $0.5 million, respectively. The total operating expenses for the year amounted to $10.8 million.
Revenue Growth
Treasure Global Inc experienced a decline in revenue during the fiscal year, primarily due to the challenging market conditions. The decrease in revenue can be attributed to lower demand for the company's financial services and products. However, the company remains focused on implementing strategies to drive revenue growth in the future.
Financial Stability
In terms of financial stability, Treasure Global Inc reported a total asset value of $6.4 million as of June 30, 2023, compared to $2.7 million in the previous year. The company's current assets increased from $2.3 million to $6.0 million, primarily driven by an increase in cash and cash equivalents. However, the company's total liabilities stood at $6.5 million, mainly comprising convertible notes payable and related party loans.
Earnings Per Share
The basic loss per share for the fiscal year 2023 was $0.7, compared to a loss per share of $1.12 in the previous year. The weighted average number of common shares outstanding increased from 10.5 million to 16.7 million. Diluted earnings per share were not provided in the financial statements.
Outlook
Looking ahead, Treasure Global Inc remains cautiously optimistic about the future. The company is continuously exploring opportunities to expand its product offerings and improve its operational efficiencies. Furthermore, Treasure Global Inc aims to strengthen its financial position and reduce its debt burden to enhance long-term shareholder value.
In conclusion, Treasure Global Inc faced challenges during the fiscal year 2023, resulting in a net loss of $11.7 million. The decrease in revenue and increase in operating expenses impacted the company's financial performance. However, with its focus on revenue growth and financial stability, Treasure Global Inc is well-positioned to navigate the evolving market landscape.
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