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Islamabad: Nazir Cotton Mills Ltd. disclosed a quarterly loss of PKR 3.238 million in its latest directors’ report to shareholders. The loss, reported for the quarter ending March 31, 2024, stems from administrative expenses totaling PKR 4.474 million, which include depreciation costs of PKR 3.097 million.
According to information available from the Pakistan Stock Exchange (PSX), the company’s operations have faced significant hurdles, with the primary mill activities remaining suspended during the quarter. In a strategic pivot, Nazir Cotton Mills has initiated a foray into the dairy business, which generated sales proceeds of PKR 668,540 during the period.
The management is actively seeking to restore electricity connections to recommence its principal business in spinning. Efforts are also underway to resolve ongoing financial negotiations with banks, aiming to stabilize the company’s operations. The board expressed optimism about the potential resumption of mill operations in the near future, underscoring a proactive approach to overcoming current challenges.