Karam Ceramics Limited Reports Significant Loss in Fiscal Year 2024 Despite Revenue Growth

Karachi: Karam Ceramics Limited has disclosed its financial results for the fiscal year ending June 30, 2024, revealing a sharp decline in profitability despite increased revenues. According to information available from the Pakistan Stock Exchange (PSX), the company’s latest filings indicate a net sales increase to 1.35 billion rupees, up from 977.13 million rupees the previous year.

The financial data presented a gross loss of 418.78 million rupees, widening from last year’s 361.65 million rupees loss. Total operating expenses for the year comprised 56.71 million rupees, a significant increase from the prior year’s 63.53 million rupees, culminating in an operating loss of 475.49 million rupees compared to last year’s 425.18 million rupees.

Other income for the year slightly decreased to 3.12 million rupees from 3.24 million rupees in the previous year. Meanwhile, finance costs incurred were 1.53 million rupees, a decrease from 62.58 million rupees last year. These figures led to a loss before taxation of 490.75 million rupees, slightly less severe than the prior year’s 496.74 million rupees loss. After accounting for a taxation provision benefit of 58.66 million rupees, the net loss totaled 432.09 million rupees, an improvement over last year’s net loss of 474.96 million rupees.

The earnings per share also reflected this negative trend, decreasing to 29.70 from 32.65 the previous year.

In the wake of these results, Karam Ceramics’ board has decided against distributing dividends, issuing bonus shares, or rights shares for the year. The company has scheduled its Annual General Meeting for October 25, 2024, in Karachi, with the share transfer books to remain closed from October 18 to October 25, 2024.

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