Sakrand Sugar Mills Limited Reports Financial Results for Quarter Ended December 31, 2023

Karachi, Sakrand Sugar Mills Limited announced its financial results for the first quarter ended December 31, 2023. The Board of Directors approved the accounts on January 30, 2024, at their meeting in Karachi declaring no entitlements for the shareholders.

The company reported a net sales figure of 1,079,713 thousand rupees for the quarter ending December 31, 2023. However, the cost of sales was higher at 1,142,512 thousand rupees, resulting in a gross loss of 62,800 thousand rupees. This marks a shift from the same quarter in the previous year, where the company had reported net sales of 696,855 thousand rupees against a cost of sales of 772,567 thousand rupees, leading to a gross loss of 75,712 thousand rupees.

Operating expenses for the quarter totaled 35,512 thousand rupees, with administrative expenses at 1,305 thousand rupees and selling and distribution costs at 36,818 thousand rupees. Consequently, the company incurred an operating loss of 112,048 thousand rupees, compared to an operating loss of 112,530 thousand rupees in the same quarter of the previous year.

The finance cost for the quarter was reported at 13,460 thousand rupees, leading to a loss before taxation of 125,508 thousand rupees. This is an increase from the finance cost of 10,330 thousand rupees and a loss before taxation of 122,860 thousand rupees in the corresponding quarter of the previous year.

After accounting for taxation, the net loss for the quarter stood at 139,004 thousand rupees, translating to a basic and diluted loss per share of 3.12 rupees. In comparison, the net loss for the same period in the previous year was 125,452 thousand rupees, with a loss per share of 2.81 rupees.

The Quarterly report of Sakrand Sugar Mills Limited for the period ended December 31, 2023, will be transmitted through PUCARS separately.