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Karachi, Archroma Pakistan Limited, in a recent meeting held on January 24, 2024, at the company’s Korangi Industrial Area office in Karachi disclosed its financial results for the first quarter ended December 31, 2023. The Board of Directors announced that there will be no cash dividend, bonus shares, right shares, or any other entitlement for this period.
The company informed its shareholders and investors that the financial statements for the first quarter would be available on the company’s website. Additionally, a closed period was observed from January 17, 2024, to January 24, 2024, as per the regulations of the Pakistan Stock Exchange’s Code of Corporate Governance.
Archroma Pakistan Limited reported a net sales revenue of Rs. 7,233,238,000 for the quarter ending December 31, 2023, showing an increase from Rs. 5,639,585,000 in the same period of the previous year. However, the cost of sales also rose to Rs. 5,870,641,000 from Rs. 4,502,258,000, resulting in a gross profit of Rs. 1,362,597,000, higher than the previous year’s Rs. 1,137,327,000.
The company’s distribution and marketing expenses were reported at Rs. 830,605,000, while administrative expenses stood at Rs. 229,551,000. An impairment loss on trade receivables was noted at Rs. 3,313,000. Other expenses for the quarter amounted to Rs. 2,281,000, and other income was reported at Rs. 28,401,000. Finance costs for the period were significantly higher at Rs. 349,810,000 compared to Rs. 99,581,000 in the previous year.
Archroma Pakistan Limited recorded a consolidated loss before taxation of Rs. 24,562,000, a stark contrast to the profit of Rs. 210,168,000 in the same quarter of the previous year. The company also reported a consolidated loss after taxation of Rs. 104,144,000, compared to a profit of Rs. 154,454,000 in the prior year. Consequently, the total comprehensive loss for the period was Rs. 104,144,000. The earnings per share for the quarter were negative Rs. 3.01, compared to Rs. 4.53 in the corresponding period of the previous year.