AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Lahore, Baba Farid Sugar Mills Limited has announced its financial results for the first half of the fiscal year ending March 31, 2024. According to information available from the Pakistan Stock Exchange (PSX), the company has faced significant economic challenges but has shown a marked increase in production compared to the previous year.
During the six-month period, Baba Farid Sugar Mills was able to crush 524,174.100 metric tons of sugarcane, resulting in the production of 52,798.400 metric tons of white refined sugar. This represents an improvement in sugar recovery to 10.068% from 9.956% during the same period last year. Despite these gains in production, the company reported a pretax loss of Rs. 169.008 million, a significant increase from the Rs. 49.235 million loss reported in the corresponding period of the previous year.
The company’s net sales reached Rs. 1,681.209 million, up from Rs. 1,205.687 million in the prior year. The financial strain was attributed to high interest costs and cane procurement prices, which outpaced the support prices of Rs. 400 per 40 kg in Punjab and KPK and Rs. 425 per 40 kg in Sindh.
Baba Farid Sugar Mills emphasized its commitment to corporate governance, complying with the Listed Companies (Code of Corporate Governance) Regulations, 2017, and the Rule Book of Pakistan Stock Exchange. The board consists of seven directors, including two women, highlighting a diverse leadership structure aimed at fostering robust governance practices.
The company remains cautious about the future, noting the challenging economic environment but is focused on strategies to enhance efficiency and reduce costs. The management also recognized the dedication of its employees and the continued support from its stakeholders.