TTA Holdings (ASX: $TTA) FY24 Preliminary Final Report Overview

TTA Holdings Limited (ASX: $TTA) has released its preliminary final report for the year ended 31 March 2024. The company reported a 16.0% increase in the consolidated entity loss after providing for income tax, amounting to $1,454,504, compared to $1,253,565 for the same period last year. The report highlighted an increase in revenue from operations to $1.07m, with smart TV sales contributing 65% of the total revenue. Additionally, the report mentioned a decrease in staff costs and directors' fees to $278.3k compared to $315.1k in FY 2023.

Executive Commentary on FY24 Performance

The principal activity of the Company in the course of the year was trading via E-commerce and selling to retail consumers through the TEAC Store website and various E-commerce platforms. The new business model adopted by the Group took effect on 1 July 2022. The loss for the consolidated entity after providing for income tax, amounted to $1,454,504, 16.0% increase for the same period last year (March 2023: $1,253,565). Revenue from operations increased to $1.07m (FY 2023: $1.05m). The sale of smart TV's contributed 65% of the total revenue. Inventory revaluation cost of $363.2k was taken up due to the assessment of net realizable value and obsolescence. Staff costs and Directors' fees were down to $278.3k compared to $315.1k in FY 2023. In other expenses, the write off of intercompany liability, due from Akira Limited, amounting to $2,070,522 has been included. The corresponding balance of the provision for impairment has been reversed at the same period. Marketing cost incurred has no significant impact with the forecast of increasing sales revenue during the year.

Summary of TTA Holdings FY24 Preliminary Final Report

TTA Holdings Limited (ASX: $TTA) has reported its preliminary final report for the year ended 31 March 2024, indicating a 16.0% increase in the consolidated entity loss compared to the same period last year. The company's revenue from operations increased to $1.07m, with smart TV sales contributing 65% of the total revenue. Additionally, the report highlighted a decrease in staff costs and directors' fees to $278.3k compared to $315.1k in FY 2023. The company also mentioned the write off of intercompany liability, due from Akira Limited, amounting to $2,070,522, and the subsequent reversal of the provision for impairment at the same period. TTA Holdings did not recommend any dividend for the year ended 31 March 2024. The financial statements are in the process of being audited.