Ideal Spinning Mills Ltd. Reports Q3 Financial Results with No Dividends Announced

Karachi, Ideal Spinning Mills Ltd. has announced its financial results for the third quarter ended March 31, 2024, revealing no proposed dividends, right shares, or bonus shares. The meeting of the Board of Directors, held on April 30, 2024, at 9:30 AM, confirmed these financial decisions.

In terms of financial performance, the company reported a revenue of Rs. 4,347,371 thousand from contractors with customers for the quarter, a decrease from Rs. 4,839,791 thousand in the same period last year. The cost of sales was Rs. 4,181,527 thousand, down from Rs. 4,688,430 thousand the previous year, resulting in a gross profit of Rs. 165,844 thousand compared to Rs. 151,361 thousand in the corresponding quarter of 2023.

Distribution costs and administrative expenses were also reduced to Rs. 75,494 thousand and Rs. 224,989 thousand, respectively. Finance costs amounted to Rs. 139,713 thousand, a decrease from Rs. 218,161 thousand in the prior year. However, despite these reductions, the company incurred a loss before taxation of Rs. 249,058 thousand, improving from a loss of Rs. 422,038 thousand in the same quarter last year. The loss after taxation stood at Rs. 231,076 thousand, compared to Rs. 440,509 thousand in the third quarter of 2023.