Good morning, and welcome to the Treasure Global's third quarter fiscal year 2023 results conference call. All participants will be in listen only mode. Should you need assistance, please signal a conference specialist by pressing star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Allison Soss, Investor Relations. Please go ahead.
Thank you, operator. Good morning, everyone, and welcome to Treasure Global 3rd quarter fiscal year 2023 earnings conference call. With us on today's call are Sam Teo, Chief Executive Officer, Michael Chan, Chief Financial Officer, and Jeremy Roberts, Independent Director. Before we begin, I would like to remind you that today's call contains certain forward-looking statements from our management made within the meaning of Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934 as amended concerning future events. Words such as may, should, project, expect, intend, plans, believe, anticipate, hope, estimate, and variations of such words and similar expressions are intended to identify forward-looking statements.
These statements are subject to numerous conditions, many of which are beyond the control of the company, including those set forth in the Risk Factors section of the company's Form 10-K for the year ended June 30, 2022, filed with the SEC. Copies of this document are available on the SEC's website at www.sec.gov. Actual results may differ materially from those expressed or implied by such forward-looking statements. The company undertakes no obligation to update these statements for revisions or changes after the date of the call, except as required by law. Now, it is my pleasure to introduce Sam Teo, Chief Executive Officer of Treasure Global. Sam, please go ahead.
Thanks, Allison. Thank you to everyone joining us today. I'd like to begin by reviewing our current business and operational activities. Michael Chan, Chief Financial Officer, will review our financial performance for the three months ended March 31, 2023. Following that, we welcome your questions. Last week, we made an important announcement regarding this expansion of our business operation with the signing of Treasure Global first licensing agreement with a food and beverage partner. Before I dive into the details of this agreement and our plans for the future, I would like to quickly walk you through Treasure Global's evolution that lead us to uncovering a huge opportunity in the F&B industry. From its founding, Treasure Global was established to provide innovative, seamless technology-enabled solution to Southeast Asia. Our first proprietary technology solution is a ZCITY app.
A digital ecosystem that simplify lifestyle mixed with instant rebate and airfare cashback program. We have been highly successful in recruiting a large and growing number of users, building our customer database in the ZCITY app. In three years, we have gained more than 2.4 million registered user and over 200,000 monthly active users while growing top-line revenues. However, ZCITY revenue stream are historically low margin. In an effort to improve gross margins, we are focused on increasing user engagement and stickiness by providing our user with new products. This lead us to the development of second technology solution, TAZTE, a transformational digital F&B management system. TAZTE provide a one-stop automated solution for F&B merchants to streamline their business operational, improving operational efficiency, and achieving cost saving for merchant.
TAZTE currently offer digitalized processes, including e-menus, ordering and e-payment, transaction recording with online payment or QR digital payment technology. TAZTE smart F&B system also provide a developer skill system that has been proven to reduce staff labor and will offer a private domain of delivery services to access multiple dedicated delivery partners. We plan to enhance TAZTE with additional functionality to provide a complete solution offering, including merchant supply chain management and upstream purchasing. We believe that TAZTE will revolutionize the F&B industry in Malaysia, a sector which currently face many inefficiency. There were more than 220,000 small to medium F&B business owners in Malaysia in 2021. The market is growing at an annual rate of 5.1% since 2015. We are confident that TAZTE can become the market leader in automated solution for the sector.
As we became closer to the F&B industry and increased our understanding, we saw a significant opportunity that will not only support the distribution of TAZTE but establish several new revenue stream for the company. Our strategy, plan is to establish synergies with our technology solution by becoming a master franchisor of F&B company in Southeast Asia. We will adopt TAZTE into new restaurants while also receiving revenue from monthly licensing fee and start-up fees with legal period to entry. We have already made progress in our execution. In May, we signed a licensing agreement with Morganfield's Holding Sdn Bhd, a restaurant chain specializing in comfort food and American-style barbecue. Under the agreement, Morganfield's has granted Treasure Global an exclusive worldwide license to grant sub-licensee to third party to use Morganfield's trademark for the restaurant business. Morganfield's will also adopt Treasure Global digital F&B management system, TAZTE.
It is nine franchisee in Malaysia, China and Singapore, accelerating the rollout of TAZTE in the region. Not only will TAZTE be adopted into their nine existing franchisee, but Treasure Global will have the opportunity to grant sub-licensee to third party to open additional Morganfield's restaurant in the region that will also adopt TAZTE. Treasure Global will act as master franchisor by managing brand royalty and raw material supply to accelerate this process of expansion for TAZTE. This agreement will provide Treasure Global with additional revenue stream, including start-up fees from new locations, monthly licensing fee and supply chain. It will also provide valuable data insight to ensure TAZTE develop monetizable value-added features for merchants. With the Morganfield's roadmap, we will replicate this process with additional popular F&B brands in Southeast Asia to become the largest F&B chain without owning any bricks and mortar.
We believe this strategy will help us to expand the use of our innovative solution more rapidly as well as to capture data on vital components of supply chain to better understand, improve and innovate our solution and future solutions. While we are excited about our new business ventures, we remain committed to advancing and developing technology solutions. As demonstrated during the third quarter of fiscal year 2023, we were pleased to report total revenues of $18.2 million with improved gross profit up 853% year-over-year and strong active user retention rate up 288%. Our technology solution already captured a significant amount of big data via transaction that take place within our apps.
With the better use of AI-powered tech tools through Power BI, Treasure Global will be able to gain further insight, make better business decision and enable smarter strategy planning. We plan to leverage AI further and look forward to near-term enhancement to be announced. During the quarter, we signed an MoU with Boost, a regional full-spectrum fintech player. This agreement will provide access to a larger merchant network and leverage on AI-based digital financing solution from Boost Credit, which offer a range of lending services such as working capital financing, invoice financing and supply chain financing to financially empower small and medium enterprises. Boost Credit digital financing solution will be onboarded into Treasure Global TAZTE program, connecting Treasure Global with a growing network of merchant and F&B provider as potential user of our TAZTE and ZCITY platform.
This will also increase Treasure Global brand exposure, building awareness among the F&B businesses in Malaysia. In summary, we're pleased with the progress we have made to date in targeting higher margin revenue streams. The opportunity to expand our technology solution further into the F&B sector in Southeast Asia will be a key driver in profit and margins into the future. I will hand the call over to Jerry, who will review our financial result in greater detail.
Thank you, Sam, and good morning, everyone. Today, I will review our financial results for the third fiscal quarter ended March 31, 2023, compared to the corresponding period the year prior. Total revenue for the third quarter of fiscal year 2023 were approximately $18.2 million, a decrease of 14% from $21.1 million for the third quarter of fiscal year 2022. The decrease was mainly attributed to the decrease in voucher product revenue as part of the corporate strategy to improve margin by allocating resources to membership subscription. As Sam has discussed, we are increasingly focused on growing margin and gross profit, which has already started showing in our results.
Gross profit for the three month to March 31, 2023 of $0.15 million compared to $0.02 million for the same period the prior year. This translate to growth of 853% year-over-year. The increase in gross profit was primarily due to an increase in member subscription revenue, with more customers subscribed to the company VIP member program. We are actively focused on growing our user engagement through increased retention rate, which will generate higher profit and margins. ZCP has over 2.4 million registered users and 209,000 monthly active users as of March 31, 2023. Growth of quarterly active user year-over-year at March 31 is 0.3% higher than prior year.
Active user retention rate for the quarter to March 2022 were 288% higher than in the third fiscal quarter the year before. This means that we have acquired repeat users compared to new users, showing highest levels of engagement on our platform that keep them coming back. A total of 1 million transactions by our registered users were transacted over the third quarter of fiscal year 2023, up by 41% compared to the prior corresponding quarter. Net loss was approximately $2.9 million for the third quarter, down 9.3% from approximately $3.2 million for the prior year third quarter. The reduction is mainly due to lower other expenses.
Our operating expenses for the third fiscal quarter of $3 million were up 15.8% compared to prior corresponding period, mainly due to increased general and administrative costs. Cash and cash equivalents were approximately $4.1 million as of March 31, 2023, compared to approximately $4.7 million as of December 31, 2022. Treasure Global has a positive working capital of approximately $2.1 million as of March 31, 2023. I will now hand the call back to Sam.
Thanks, Michael Chan. We are extremely excited about the new and existing opportunity unlocked by Treasure Global in the F&B industry in Southeast Asia. The company look forward to replicating its master franchisor business strategy with additional popular chains in the region. We believe this market is prime for disruption as going digital with TAZTE will help the franchisee to have better success. Treasure Global is well-placed to achieve strategy priority and simultaneously continue to develop as a leading innovative technology solutions provider in the Southeast Asia region. This ends our prepared remarks. Now I would like to open the call for questions. Operator, please go ahead.
There are no questions from the phone. I will now pass back to Sam Teo. Please go ahead.
Thank you again for joining us for today's call. As always, we appreciate the continued support of our investors and stakeholders.