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Toga Limited Reports 2019 and 2020 Unaudited Year End Financial Results

Written by Customer Service on . Posted in Public Companies.

LOS ANGELES, Feb. 05, 2021 (GLOBE NEWSWIRE) — Toga Limited, a Nevada corporation (OTC: TOGL) today announces its unaudited financial results for fiscal years ended July 31, 2020 and 2019.Year-End 2020 and 2019 Unaudited Financial HighlightsThe Company is posting its unaudited financial results as of and for the year-ended July 31, 2020 along with its unaudited, as restated financial results as of and for the year-ended July 31, 2019.Results of OperationsFiscal Year Ended July 31, 2020 (Unaudited) Compared to Fiscal Year Ended July 31, 2019 (Unaudited) (As restated)Gross Margin by product for the year ended July 31, 2020 (Unaudited)Gross Margin by product for the year ended July 31, 2019 (Unaudited) (as restated)Revenue increased by approximately $10.6 million in the year ended July 31, 2020, compared to the prior year period, driven by a $6.4 million increase in Yippi in-app purchases, a $989,000 increase in TogaGo platform sales, and a $3.7 million increase in direct marketing network revenue.Gross profit also increased by approximately $2.0 million in the year ended July 31, 2020, compared to the prior year period, due to the new business lines. We invested significantly in staff and infrastructure, which was in the early implementation stage, but management expects reductions in our general and administrative expenses as a percentage of revenue going forward.

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