Dewan Sugar Mills Reports Losses for Nine Months Ended June 30, 2023

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Karachi, In a recent meeting held on July 25, 2023, at Karachi, Pakistan, the Board of Directors of Dewan Sugar Mills Limited announced their recommendations for various entitlements, including cash dividend, bonus shares, right shares, and any other corporate action, all of which were set at Nil. Additionally, the company disclosed its un-audited financial results for the Nine Months and Third Quarter ended June 30, 2023, indicating significant losses.

The financial results for the nine months showed sales amounting to Rs. 5,357,170, a decline compared to the previous year’s figure of Rs. 7,349,987. The cost of sales also decreased, from Rs. 5,524,172 to Rs. 502,941 for the same period. This resulted in a gross loss of Rs. 167,002, compared to a loss of Rs. 193,173 in the previous year.

Administrative and general expenses for the nine months rose to Rs. 76,653, and distribution and selling costs increased to Rs. 142,608, contributing to the company’s overall loss from operations, which amounted to Rs. 771,613. The previous year’s corresponding figure was Rs. 575,354.

The company also reported a loss before tax of Rs. 806,743 for the nine months, compared to a loss of Rs. 607,390 in the same period last year. After accounting for taxation, the net loss stood at Rs. 783,089, a significant increase from the previous year’s net loss of Rs. 597,089.

On a per-share basis, the loss per share for the nine months was Rs. 8.56, while the loss per share for the third quarter stood at Rs. 1.86.

Despite the challenging financial results, Dewan Sugar Mills Limited has decided not to issue any cash dividends, bonus shares, right shares, or undertake any other corporate action at this time.

The company’s performance over the nine-month period indicates a challenging operating environment, and the Board of Directors may explore strategies to improve financial performance in the future. Investors and stakeholders will closely watch for any updates or measures taken to turn the company’s fortunes around.

The post Dewan Sugar Mills Reports Losses for Nine Months Ended June 30, 2023 appeared first on Pakistan Company News.