AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
KARACHI: Tri-Star Power Ltd has released its annual financial statements for the year ended June 30, 2024, indicating substantial gains in profitability despite a decrease in revenue compared to the previous year.
In the year ended June 30, 2024, Tri-Star Power reported revenue of 5.00 billion rupees, a significant drop from 6.08 billion rupees in the prior year. According to information available from the Pakistan Stock Exchange (PSX), this downturn in sales did not hinder the company’s profitability. Cost of sales also decreased sharply to 314.14 million rupees from 635.27 million rupees, reflecting improved operational efficiency.
Gross profit marked an impressive increase, suggesting effective cost management strategies. Administrative and general expenses remained stable, contributing to an operating profit of 4.69 billion rupees, up from 5.44 billion rupees in 2023.
Finance costs and other charges were reported, impacting the company’s net earnings, which still resulted in a strong profit before taxation of 1.99 billion rupees, significantly higher than 304.35 million rupees recorded the previous year. After adjusting for taxation, the net profit stood at 1.71 billion rupees, showcasing a remarkable recovery and growth from 1.41 billion rupees year-on-year.
Earnings per share showed a notable improvement, swinging from a loss of 0.85 rupees per share in 2023 to a gain of 0.47 rupees per share in 2024, demonstrating a turnaround in the company’s financial health and operational success.