Baluchistan Glass Limited Reports Significant Financial Losses for Fiscal Year 2024

Lahore: Baluchistan Glass Limited, a major player in the glass manufacturing sector, announced its financial results for the fiscal year ended June 30, 2024, revealing significant losses. The company’s Board of Directors convened on September 19, 2024, in Lahore to approve the financial statements, which showed a notable increase in losses compared to the previous year.

The company reported a sharp decline in sales, down from 186.00 million rupees in 2023 to 161.35 million rupees in 2024. The cost of sales also rose dramatically, from 379.70 million rupees to 448.03 million rupees, leading to a gross loss of 286.68 million rupees this year, up from 193.69 million rupees last year. Administrative and selling expenses slightly decreased to 23.43 million rupees, while other expenses increased to 11.49 million rupees.

Operating losses deepened significantly, with the company reporting a loss of 321.57 million rupees, a stark contrast to the slight operating profit of 5.35 million rupees in 2023. According to information available from the Pakistan Stock Exchange (PSX), finance costs surged from 147.49 million rupees to 190.60 million rupees, exacerbating the financial strain. The pre-tax loss expanded to 514.19 million rupees, compared to 144.47 million rupees in the previous year.

Despite these challenges, the company recorded a slight positive note with net income tax yielding 5.47 million rupees. However, the fiscal period ultimately closed with a net loss of 508.72 million rupees, significantly higher than the 135.06 million rupees lost in 2023. The loss per share also worsened, from 0.52 rupees to 1.94 rupees.

The company declared no dividends, bonus issues, or rights shares for the year, reflecting its financial difficulties. The Annual General Meeting is scheduled for October 24, 2024, at the company’s registered office in Baluchistan, pending PSX approval.

The shareholder register will be closed from October 18 to October 24, 2024, with October 17 being the cut-off for dividend entitlement and AGM participation, managed by M/s Corplink (Private) Limited, Lahore.

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