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Karachi, Dewan Sugar Mills Limited, in a communication to the Pakistan Stock Exchange, has disclosed its financial results for the first quarter ended December 31, 2023. The Board of Directors, in their meeting held on January 30, 2024, revealed the company’s financial performance, with no declaration of cash dividends, bonus shares, right shares, or any other entitlement/corporate action.
For the quarter ending December 31, 2023, Dewan Sugar Mills Limited reported net sales of 758,052 thousand rupees, a decrease compared to 1,603,584 thousand rupees in the same quarter of the previous year. The cost of sales for the quarter was reported at 724,723 thousand rupees, leading to a gross profit of 33,329 thousand rupees. This gross profit marks an improvement from the previous year’s figure of 17,926 thousand rupees.
The company incurred administrative and general expenses amounting to 23,780 thousand rupees and distribution and selling costs of 34,556 thousand rupees. Additionally, other operating income/(loss) was reported at (4,350) thousand rupees. Consequently, Dewan Sugar Mills Limited experienced a loss from operations of 29,357 thousand rupees, a reduction in loss compared to 113,975 thousand rupees in the same period last year.
Finance costs for the quarter were 14,062 thousand rupees, resulting in a loss before tax of 43,419 thousand rupees. After accounting for taxation benefits of 11,130 thousand rupees, the net loss after tax stood at 32,289 thousand rupees. This translates to a loss per share (basic) of 0.35 rupees, compared to a loss per share of 1.25 rupees in the corresponding quarter of the previous year.
The quarterly report of Dewan Sugar Mills Limited for the period ended December 31, 2023, will be transmitted through PUCARS separately within the specified time.
This financial disclosure provides a crucial insight into Dewan Sugar Mills Limited’s operations and its financial health, vital for investors and stakeholders in the Pakistan Stock Exchange.