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Lahore, In a recent board meeting on April 29, 2024, at its registered office in Lahore Dost Steels Limited announced financial results for the nine months ending March 31, 2024. The company confirmed that no bonus shares, cash dividends, rights issues, or other entitlements will be distributed, and no price-sensitive corporate actions were taken.
The financial statement revealed that Dost Steels experienced a significant loss. For the nine-month period ending in March 2024, the company reported no sales and a gross loss of Rs. 34,236,625, compared to a loss of Rs. 39,602,049 in the corresponding period in 2023. The loss after taxation also escalated to Rs. 179,844,141 from Rs. 157,511,122 in the previous year.
Additionally, the quarterly figures show a worsening financial condition. The loss for the quarter ended March 2024 was Rs. 64,339,365, which deepened from a loss of Rs. 54,686,555 in the same quarter last year. Administrative and selling expenses, as well as finance costs, have risen, contributing to the increased losses.
The company also reported a basic and diluted loss per share of Rs. 0.40 for the nine months, indicating a decline from Rs. 0.50 in the previous year.