tTech reports first quarter net profit of $6.58 million

May 16, 2023

tTech Limited (tTech), for the three months ended March 31, 2023, booked a 21% increase in Revenues to $118.37 million compared to $97.99 million recorded in Q1 of 2022. Cost of sales also increased by some 16% to $69.51 million, up from $59.89 million in 2022. As such, gross profit for the first quarter of FY23 rose by 28% to $48.86 million (2022: $38.09 million).

tTech’s administrative expenses rose marginally year over year to $35.75 million (2022: $35.74 million). ‘Other operating expenses’ fell by 26% to $5.56 million vs $7.47 million recorded in Q1 of 2022.

Operating profit of $7.78 million was recorded relative to an operating loss of $5.11 million booked the prior year.

After earning Finance Income of $697,000 (2022: $605,000), and repaying ‘Finance costs’ of $487,000 (2022: $552,000) tTech reported profit before taxation of $7.99 million, relative to loss before taxation of $5.05 million booked the year before.

After Tax charge of $1.41 million (2022: Tax credit $854,000), tTech posted a Net profit of $6.58 million relative to Net loss of $4.20 million reported in Q1 2022.  tTech noted, “This improvement in our financial performance is a testament to our commitment to cost management and operational efficiency.”

The company reported Earnings per share (EPS) of $0.06 for the quarter, relative to the Loss Per Share of $0.04 in the same period a year later. On a twelve-month trailing basis, tTech also experienced a LPS amounting to $0.11. The number of shares used in our calculations is 106,000,000 units. The company’s stock price last traded on May 15, 2023 at $2.52.

 Balance Sheet Highlights: 

As at March 31, 2023, the Company’s total assets declined marginally by 1%, to end at $311.56 million (2022: $315.18 million). This downward movement was attributable to a $6.62 million decline in ‘Investments’ from $10.13 million in 2022 to $3.51 million.

Shareholders’ Equity as at March 31, 2023 was $225.12 million compared to $236.98 million for the comparable period of 2022. This resulted in a book value per share of $2.12 compared to $2.24 in Q1 of 2022.


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