Johnson & Phillips (Pakistan) Limited Reports Increased Losses for Third Quarter

Karachi, Johnson & Phillips (Pakistan) Limited held a Board meeting on April 24, 2024, to review its financial results for the third quarter, which ended on March 31, 2024. The company, which disclosed its un-audited financial statements, announced that the Board has not recommended any dividend, bonus share, or rights issue for the period.

According to the released financial statements, Johnson & Phillips experienced a significant increase in losses for both the nine-month period and the third quarter of 2024 compared to the same periods last year. Revenue from sales and services remained undisclosed for the current quarter while costs of sales and services almost doubled from the previous year, leading to a gross loss of Rs. 2,279 million for the quarter, up from Rs. 1,087 million in 2023.

Administrative expenses also rose to Rs. 1,715 million, compared to Rs. 1,237 million in the third quarter of 2023. Additionally, the company reported an exchange loss of Rs. 692 million, which contributed to the operating loss of Rs. 4,686 million for the quarter, nearly doubling the loss of Rs. 2,324 million from the previous year.

The financial results show a pre-tax loss of Rs. 4,686 million, with taxation providing some relief at Rs. 689 million. This resulted in a net loss after tax of Rs. 3,997 million for the quarter, increased from Rs. 2,230 million in 2023. The earnings per share also declined, with a basic and diluted loss of Rs. 0.73 per share compared to Rs. 0.41 per share in the third quarter of the previous year.

The company’s third quarter report for 2024 will be transmitted through PUCAR within the specified timeframe.