Ashfaq Textile Mills Reports Quarterly Financial Results

Faisalabad, Ashfaq Textile Mills Limited has announced its financial results for the quarter ended March 31, 2024. The Board of Directors, in their recent meeting in Faisalabad revealed no new cash dividends, bonus issues, or right shares will be issued this quarter.

The company recorded sales of Rs. 133,517,207 during January to March 2024, compared to Rs. 52,441,821 in the same period in 2023. Despite a significant increase in sales, the cost of sales also rose to Rs. 125,908,306 from Rs. 85,960,736, leading to a gross profit of Rs. 7,608,901, a recovery from a loss of Rs. 33,518,915 the previous year.

Other operating income was reported at Rs. 905,644, a decrease from Rs. 4,451,491 in the previous year. Administrative and other operating expenses totaled Rs. 5,806,656 and Rs. 30,847,641 respectively for the nine months ending March 2024.

The profit before taxation for the quarter stood at Rs. 2,707,889, improving from a loss of Rs. 38,888,572 in the corresponding quarter of 2023. After accounting for taxation, the company registered a net loss of Rs. 5,096,923 for the quarter, reducing the loss from Rs. 44,076,934 recorded in the same period last year.

Earnings per share were negative at Rs. 0.11 for the quarter, an improvement over the previous year’s Rs. 0.95 loss per share.