Business
Treasure Global Reports Second Quarter Fiscal Year 2023 Results
Total Revenues of $20.4 Million For Q2 2023 Gross Profit Of $0.23 Million Improved by 68% Year-Over-Year Game-Changing Online Food & Beverage Management
About this update from Treasure Global Inc.
[{"type":"text","content":"Total Revenues of $20.4 Million For Q2 2023 Gross Profit Of $0.23 Million Improved by 68% Year-Over-Year Game-Changing Online Food & Beverage Management System, TAZTE, Made Available To Users In December 2022, Digitalizing The Food & Beverage (“F&B”) Industry NEW YORK and KUALA LUMPUR, Malaysia, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Treasure Global Inc (NASDAQ: TGL) (“TGI”, or the “Company”), an innovative e-commerce platform providing seamless technology enabled solutions for lifestyle needs, today reported its financial results for the second quarter of the fiscal year 2023 ended December 31, 2022. “The second quarter of fiscal year 2023 was pivotal for TGI as we made our digital F&B management platform, TAZTE, available to all registered users in the ZCITY platform. This product is a key step in our corporate strategy to increase gross profit and improve margins,” said Sam Teo, Chief Executive Officer of TGI. “By leveraging our large and growing user base, we focus on providing innovative e-commerce solutions to enable our customers to enhance their lifestyle goals. We are on our way to achieving this as we saw active user retention rate increase by 98.1% year-over-year, and an improvement in gross profit by 68% year-over-year. TAZTE is one of TGI’s game changing products – we are excited to provide greater insight on our product pipeline in 2023 and beyond.” “In addition, we made great progress in enhancing our regional partnerships. We entered into a new partnership with Malaysia’s leading payment gateway, iPay88, to provide e-commerce and retail payment solutions for ZCITY, not only in Malaysia but also further Southeast Asian countries including Indonesia, Thailand and the Philippines, supporting ZCITY’s future regional expansion. Also, we signed an MOU with a leading regional fintech provider, Boost, to onboard Boost Credit’s digital financing solutions to TAZTE, increasing our brand exposure and extending our reach to F&B businesses. As the Southeast region continues to re-open after the COVID-19 pandemic, we are well positioned to tap into market trends and further execute our regional expansion plans,” added Mr. Teo. Financial Highlights for the Second Quarter, Fiscal Year 2023 Total revenues of approximately $20.4 millionGross profit of approximately $0.23 millionNet loss was approximately $2.0 millionCash and cash equiv...