AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, Siemens (Pakistan) Engineering Co. Ltd. has released its unaudited condensed interim financial statements, revealing a significant shift in financial performance for the half year ended March 31, 2024. According to information available from the Pakistan Stock Exchange (PSX), the company reported new orders totaling Rs 12,036 million, a decline from the previous year’s Rs 19,349 million. Net sales surged to Rs 19,124 million from Rs 11,114 million in the corresponding period last year.
Despite the revenue increase, the company incurred a net loss of Rs 1,568 million, contrasted with a net profit of Rs 2,467 million during the same period last year. Loss per share stood at Rs 190.08, down from earnings per share of Rs 299.17. The net loss is attributed primarily to an unrealized loss on foreign currency derivatives and increased finance costs related to large-scale energy projects.
The company’s management remains focused on operational enhancements and market consolidation to address the challenges of financing costs and geopolitical risks in the region. The Board of Directors expressed gratitude for the ongoing support from employees, stakeholders, and business partners, highlighting the strategic focus on creating long-term value.
The financial statements, still subject to review, reflect a company in transition, managing significant financial volatility while aiming to stabilize its economic footing in challenging conditions.