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Karachi, Dawood Lawrencepur Limited announced its first quarter financial results for the period ending March 31, 2024. According to information available from the Pakistan Stock Exchange (PSX), the company held its Board of Directors meeting on May 27, 2024, in Karachi and via video-link, where it approved the un-audited unconsolidated and consolidated condensed interim financial statements.
The unconsolidated statement of profit or loss reveals a profit after taxation of 6,803 thousand rupees, in contrast to a loss of 75,551 thousand rupees in the same period last year. This improvement follows a notable increase in other income, from 45,482 thousand rupees to 90,256 thousand rupees, offsetting the rise in administrative expenses from 17,635 thousand rupees to 101,688 thousand rupees. The company also reported a modest profit from discontinued operations, a turnaround from a loss last year.
The consolidated results depict a more varied scenario with a significant profit from continuing operations at 293,545 thousand rupees, up from 258,302 thousand rupees the previous year. This was bolstered by a substantial share of profit of associate amounting to 426,184 thousand rupees. However, the company faced a heavy loss from disposal group and discontinued operations, resulting in a net loss for the period of 117,843 thousand rupees compared to a profit of 30,901 thousand rupees in the prior year.
The detailed financial results and further disclosures are contained in Annexure A and Annexure B attached to the company’s quarterly report.