Nazir Cotton Mills Reports Increased Losses in Fiscal Year 2024

Karachi: Nazir Cotton Mills Limited has announced its financial results for the fiscal year ended June 30, 2024, revealing a continued increase in its financial losses. The company disclosed these results in a recent filing to the Pakistan Stock Exchange.

In its financial statement, Nazir Cotton Mills reported a significant growth in sales, reaching 7.53 million rupees, up from 4.16 million rupees in the previous year. However, the cost of sales also increased to 13.19 million rupees, resulting in a gross loss of 5.66 million rupees, compared to a gross loss of 5.69 million rupees in 2023.

According to information available from the Pakistan Stock Exchange (PSX), other operating income for the company provided a slight relief with a total of 9.24 million rupees, a considerable increase from the 1.46 million rupees recorded in the prior year. Despite this, the administrative and general expenses amounted to 15.62 million rupees and finance costs were minimal at 0.004 million rupees.

The company’s loss before taxation stood at 15.85 million rupees, an improvement from the 24.43 million rupees loss in 2023. However, the total comprehensive loss for the year widened to 36.34 million rupees due to a substantial revaluation loss on plant and machinery, which amounted to 28.65 million rupees. The loss per share also saw a reduction, being recorded at 0.70 rupees compared to 1.03 rupees the previous year.

The Nazir Cotton Mills has declared no dividends for the year and announced no issuance of bonus or right shares. Additionally, the company’s transfer books will remain closed from October 21 to October 28, 2024, for the upcoming annual general meeting scheduled for October 28, 2024, at its registered office in Lahore.