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Karachi: Siemens (Pakistan) Engineering Co. Limited has released its unaudited condensed interim financial statements for the quarter ending June 30, 2024, following a board meeting held in Munich, Germany on July 19, 2024.
The financial results highlight a net loss of 1,558.87 million rupees for the period, with a significant downturn from the same period last year which saw a profit of 1,953.74 million rupees. The basic and diluted loss per share stood at 189.02 rupees, compared to earnings of 236.90 rupees per share in the previous year.
According to information available from the Pakistan Stock Exchange (PSX), Siemens Pakistan’s operations for the quarter were marked by a decrease in net sales and services, totaling 6,879.44 million rupees, down from 3,866.16 million rupees in the corresponding quarter of 2023. The cost of sales and services also decreased to 5,332.31 million rupees from 3,542.84 million rupees year-over-year.
Other financial details include net financial expenses of 657.15 million rupees, and a considerable tax charge of 170.59 million rupees contributed to the net operating loss. The company’s operating profit was reported at 836.50 million rupees for the quarter, a slight increase from a loss of 3.65 million rupees in the same period last year.
The quarterly report will be transmitted through PUCARS, the company’s communication channel, within the specified timeframe.