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Karachi, The Premier Sugar Mills and Distillery Co. Limited announced its financial results for the quarter and half year ended March 31, 2024, following a board meeting held on May 27, 2024. The company reported a significant decline in net sales, with figures for the quarter standing at 166 thousand Rupees compared to 159,807 thousand Rupees in the same period last year. The half-yearly sales were also down, totaling 433,502 thousand Rupees from 1,060,828 thousand Rupees previously.
According to information available from the Pakistan Stock Exchange (PSX), the company faced a gross loss of 147,459 thousand Rupees in the quarter and a more substantial loss of 290,613 thousand Rupees for the half year. These losses are primarily attributed to higher costs of sales, which rose from 754,723 thousand Rupees in the previous half year to 724,115 thousand Rupees in the current period.
Operating losses were marked at 111,365 thousand Rupees for the quarter and 274,377 thousand Rupees for the half-year, further impacted by a significant finance cost that more than doubled from the prior year. The pre-tax loss deepened to 396,644 thousand Rupees in the half year from a profit of 44,590 thousand Rupees in the corresponding period of the previous year.
The company also reported a post-tax loss of 298,255 thousand Rupees for the half-year, marking a sharp reversal from the profit of 17,958 thousand Rupees recorded last year. Earnings per share plummeted to a loss of 79.53 Rupees, down from earnings of 4.79 Rupees per share in the same period last year.
The half-yearly reports of Premier Sugar Mills and Distillery will be submitted electronically through PUCARS as per PSX Notice No. SX/N15036 dated September 03, 2018.
The Board of Directors of the Company reported its consolidated condensed interim financial results for the quarter and half year ended on March 31, 2024, in a meeting on May 27, 2024. The company posted consolidated net sales of 5,366,362 thousand Rupees for the quarter, down from 8,083,062 thousand Rupees in the previous year, and 13,868,290 thousand Rupees for the half-year, slightly up from 12,296,892 thousand Rupees last year.
The gross profit for the half year stood at 2,739,854 thousand Rupees, compared to 2,917,080 thousand Rupees in the previous year. The company experienced a decrease in profitability due to increased finance costs, which surged to 2,252,706 thousand Rupees for the half-year, more than double the amount from the previous period.
The consolidated operating profit was 1,636,790 thousand Rupees, down from 1,791,250 thousand Rupees last year. The pre-tax loss for the half year reached 628,524 thousand Rupees, contrasting with a pre-tax profit of 667,499 thousand Rupees in the prior year. After adjustments for taxation, the after-tax loss for the half-year was 470,892 thousand Rupees, a downturn from an after-tax profit of 517,874 thousand Rupees last year.
Earnings per share for the half year were reported as a loss of 98.98 Rupees, down from earnings of 67.17 Rupees per share in the same period the previous year.
The half-yearly reports of the Company will be submitted electronically through PUCARS as per PSX Notice No. PSX/N-5036 dated September 03, 2018.