Business
Treasure Global Reports Third Quarter Fiscal Year 2023 Results
Total Quarterly Revenues of $18.2 Million Quarterly Gross Profit of $0.1 Million, Increased 853% Year-Over-Year Expanded Businesses With Signing of
About this update from Treasure Global Inc.
[{"type":"text","content":"Total Quarterly Revenues of $18.2 Million Quarterly Gross Profit of $0.1 Million, Increased 853% Year-Over-Year Expanded Businesses With Signing of Morganfield’s Licensing Agreement Granting Treasure Global Exclusive Sub-licensing of the Morganfield’s Brand As Part Of Strategy To Become The Biggest F&B Chain In Southeast Asia NEW YORK and KUALA LUMPUR, Malaysia, May 09, 2023 (GLOBE NEWSWIRE) -- Treasure Global Inc (NASDAQ: TGL) (“Treasure Global,” or the “Company”), an innovative technology company focused on providing seamless solutions for lifestyle needs, today reported its financial results for the third quarter of the fiscal year 2023 ended March 31, 2023. “Since its inception Treasure Global has sought to provide seamless technology enabled solutions. With the ZCITY app, we were able to amass a large and growing user base by providing them with solutions to simplify their lifestyle needs with instant rebates and affiliate cashback programs. Next, we developed TAZTE, a transformational solution to improve efficiency of the front and back operations of the food & beverage (“F&B”) industry. As we increased our understanding of the F&B industry, we identified a symbiotic opportunity to generate additional revenue streams by acting as a master franchisor of Southeast Asian F&B chains,” commented Sam Teo, Chief Executive Officer of Treasure Global. “Our first step in executing this new arm of the business was the recent signing of a licensing agreement with Morganfield’s, a Southeast Asian restaurant chain with nine franchisees, granting Treasure Global the exclusive right to sub-license the Morganfield’s brand. Treasure Global will act as the master franchisor for F&B companies holding all brand royalties and related IP, and as part of these partnerships, retailers will be required to adopt TAZTE. Not only does this raise the brand awareness and credibility of TAZTE, but it will also provide valuable data insights, and accelerate our regional expansion in Southeast Asia. We look forward to providing updates as we progress this business.” “In addition, we remain committed to our technology business which enabled us to achieve quarterly revenue of approximately $18.2 million and successfully grow gross profit by 853 percent year-over-year. During the quarter, we signed an MOU with a leading regional fintech provider, Boost, incre...