Bela Automotives Limited Reports Substantial Losses for Fiscal Year 2024

Karachi: Bela Automotives Limited has reported a significant increase in losses for the fiscal year ending June 30, 2024. The company announced a net loss of PKR 27.23 billion, up from PKR 7.13 billion in the previous year. The detailed financial results were released following a board meeting on September 20, 2024.

The financial documents indicate a gross loss of PKR 5.60 billion for 2024, compared to PKR 4.69 billion last year. Administrative and other operating expenses combined totaled PKR 13.63 billion, a significant increase from PKR 2.44 billion in 2023. The drastic rise in other operating expenses, from just PKR 106,000 in 2023 to PKR 11.41 billion this year, contributed heavily to the deteriorating financial position.

According to information available from the Pakistan Stock Exchange (PSX), Bela Automotives also faced a steep finance cost of PKR 8.00 billion, a stark increase from the negligible PKR 250 reported last year. The company did not declare any dividends, bonus shares, or rights issue, reflecting the severe financial strain.

The earnings report revealed a basic loss per share of PKR 4.70, worsening from PKR 1.23 per share in 2023. These figures highlight a challenging year for Bela Automotives, as the company grapples with increasing costs and escalating losses.

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