Ansari Sugar Mills Reports Loss for Fiscal Year 2020

Karachi, Ansari Sugar Mills Limited has disclosed its financial performance for the year ended September 30, 2020, indicating a challenging year for the company. The financial statements reveal a significant reduction in net sales, dropping from PKR 438,113,837 in 2019 to PKR 175,563,971 in 2020. The cost of sales also saw a decrease, leading to a gross profit of PKR 56,997,874, compared to PKR 63,085,182 in the previous year.

Operating expenses for the year included administrative expenses amounting to PKR 7,693,470, while the company reported other charges that significantly impacted its operating profit, resulting in an operating loss of PKR 11,207,455. The financial strain was further compounded by a substantial finance cost of PKR 607,481,559, increasing the loss before taxation to PKR 599,788,089 from PKR 597,101,466 in 2019.

After accounting for taxation, the loss after taxation stood at PKR 437,468,945, an improvement from the previous year’s loss of PKR 694,412,422. The loss per share was reported at PKR 7.79, better than the PKR 12.37 loss per share in 2019.

This financial snapshot underscores the difficulties faced by Ansari Sugar Mills in 2020, reflecting the broader challenges within the sugar industry during that period. The figures highlight the company’s struggle to manage its operating costs and finance charges, directly impacting its profitability.