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Lahore: Rupali Polyester Limited, in its latest board meeting on September 18, 2024, announced a lack of dividends, bonus shares, and rights issues for the fiscal year ended June 30, 2024. The meeting, which set the stage for the upcoming Annual General Meeting, highlighted significant financial downturns.
The company reported a dramatic fall in its financial outcomes, culminating in a net loss for the year. According to information available from the Pakistan Stock Exchange (PSX), Rupali Polyester’s revenues decreased to Rs. 10.49 billion in 2024 from Rs. 11.53 billion in the previous year. The cost of sales mirrored this revenue, with a slight reduction leading to a marginal gross profit of Rs. 23.37 million, a substantial drop from Rs. 195.52 million in 2023.
The financial strain was further exacerbated by a sharp increase in other operating expenses which surged to Rs. 632.98 million from Rs. 340.92 million, overshadowing a modest rise in other income to Rs. 133.83 million. Additionally, distribution and administrative expenses continued to strain the financials, although finance costs saw a negligible increase.
The result was a significant pre-tax loss of Rs. 890.59 million, deepened after accounting for a minimum tax differential, leading to a net loss of Rs. 822.51 million for the year. This marked a severe downturn from a loss of Rs. 184.83 million reported in 2023. Consequently, the basic and diluted earnings per share plummeted to -24.14 compared to -5.43 the previous year.
The company has scheduled its Annual General Meeting for October 28, 2024, in Lahore, with the share transfer books to remain closed from October 21 to October 28, 2024. The Annual Report will be disseminated through PUCARS at least 21 days prior to the meeting, ensuring all stakeholders are prepared for discussions on the company’s future amidst these challenging financial times.
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