Winstar (0336.MY) reported 4QFY24 revenue of RM55.53 million, with strong demand but lower profitability due to listing expenses (RM2.95 million) and bonus provisions (RM1.22 million). Core earnings remain solid. While a 14% electricity tariff hike (July 2025) may raise costs, higher CGPP rates, strong aluminium BOS demand, and improved production efficiency should offset impacts.