tTech reports year end net loss of $22.87 million

March 3, 2023

tTech Limited (tTech)

For the twelve months ended December 31, 2022: –

tTech Limited (tTech), for the twelve months ended December 31, 2022, booked a 5% decline in revenues to $374.22 million compared to $392.16 million recorded for the prior financial year’s corresponding period. Revenue for the third quarter fell 0.07% to $90.88 million relative to $90.94 million for the same quarter of 2021.

Cost of sales increased by 4% to $226.23 million from $218.44 million reported for December 2021. As such, gross profit also declined 15% for the period to $148 million (2021: $173.72 million).

Other losses amounted to $1.31 million for the twelve months relative to other income of $17.17 million in 2021, while administrative expenses fell 2% year over year to $144.70 million (2021: $147.38 million). Other operating expenses for the period reflected an 24% decrease year over year to $26.68 million compared to $34.98 million recorded in 2021.

Operating loss for the period under review totalled $24.69 million, compared to the profit of $8.52 million booked for the corresponding period of 2021. The company booked finance income for 2022 of $2.69 million compared to $1.94 million recorded in the prior year’s corresponding period and finance cost of $2.09 million (2021: $2.29 million).

Loss before taxation for the twelve month period was $24.09 million (2021 profit before tax: $8.18 million). Consequently, taxation credit amounted to $1.22 million (2021: $45,000), thus net loss for the twelve months amounted to $22.87 million versus net profit of $8.18 million booked for the same period of 2021. Fourth quarter net loss amounted to $16.62 million relative to net loss of $8.28 million reported for the fourth quarter of 2021.

Loss per share (LPS) for the period totaled $0.22 (EPS 2021: $0.08). Loss per share (LPS) for the quarter amounted to $0.16 compared to LPS of $0.08 reported in 2021. The number of shares used in our calculations is 106,000,000 units. The company’s stock price closed the trading period on February 3, 2023 at $2.65.
Balance Sheet Highlights:

As at December 31, 2022, the Company reported total assets of $288.24 million, 8% below the $313.90 million reported as at December 31, 2021. This was as a result of a 17% decline in ‘Government Securities purchased under resale agreements’ to close at $72.79 million (2021: $87.71 million).

Shareholders’ Equity as at December 31, 2022 was $218.96 million compared to $241.83 million for the comparable period of 2021. This resulted in a book value per share of $2.07 compared to $2.28 the prior year.




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