Treasure Global Inc. reported decreased revenue but improved profits due to strategic pivot

From GlobeNewswire: 2024-11-18 08:30:00

Treasure Global Inc. (NASDAQ: TGL) reported revenue of $207,371 for the first quarter, a decrease from the previous year due to a strategic pivot towards high-margin operations. Gross profit improved by 6% to $172,172 with a margin of 83.0%, operating loss reduced by 58%, and net loss narrowed by 55%.

CEO Carlson Thow highlighted the positive impact of restructuring efforts, focusing on operational efficiency and pursuing higher-margin activities. The Company aims to seize future opportunities with targeted efficiencies and a shift towards higher-value business streams for long-term success.

Treasure Global is actively restructuring its product offerings and business model to align with market demands. The Company is exploring strategic partnerships and new ventures to accelerate its transition to a more resilient growth trajectory, prioritizing cost efficiencies and focusing on higher-margin business lines.

With over 2.9 million registered users, Treasure Global plans to enhance the ZCITY App and introduce innovative features to drive user engagement in Malaysia and Southeast Asia. The Company aims to meet operational milestones for future growth and is exploring initiatives to drive diversification and strengthen its market position.



Read more at GlobeNewswire:: Treasure Global Inc. Reports First Quarter Fiscal Year 2025