AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: Landmark Spinning Industries Limited has reported a net loss of PKR 111.78 million for the fiscal year ending June 30, 2024, marking a slight improvement over last year’s loss of PKR 132.34 million, according to a recent filing with the Pakistan Stock Exchange. The company’s financial results were disclosed following its 134th board meeting held on October 3, 2024, at the Karachi Stock Exchange Building.
In 2024, the company did not generate any revenue, similar to the previous year, and reported identical direct costs. The administrative and general expenses amounted to PKR 13.79 million, showing a slight decrease from PKR 15.23 million recorded in 2023. After accounting for taxation benefits amounting to PKR 2.61 million, the company’s loss before taxation stood at PKR 13.79 million.
The board, during its meeting, decided against distributing dividends for the year, citing the need to stabilize financials. According to information available from the Pakistan Stock Exchange (PSX), no dividends or bonus shares were issued as the company navigated another challenging financial year.
Further details revealed at the meeting include the retirement of M/s. Parker Russel A.J.S Chartered Accountants and the appointment of a new auditor as recommended by the Audit Committee. The change in auditors comes at a crucial time as the company prepares for its upcoming Annual General Meeting scheduled for October 25, 2024.
Looking ahead, Landmark Spinning Industries anticipates its financial strategies to reflect in future financial statements as it continues to navigate economic challenges. The full annual report will be made available to shareholders at least 21 days before the Annual General Meeting, ensuring transparency and compliance with regulatory requirements.