AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: Siemens (Pakistan) Engineering Co. Ltd. has reported a significant decline in profits along with a notable increase in revenue for the nine months ending June 30, 2024, according to its latest unaudited financial statements.
The company saw its net sales and services rise by 74% to PKR 26 billion from PKR 14.98 billion in the corresponding period last year, driven largely by a solid backlog and execution of projects in the energy segment. Despite the revenue surge, Siemens Pakistan recorded a net loss of PKR 1.56 billion for the period, a steep drop from a profit of PKR 1.95 billion a year earlier.
According to information available from the Pakistan Stock Exchange (PSX), this loss is primarily due to a net unrealized loss of PKR 1.88 billion recorded on the measurement of foreign currency embedded derivatives and net finance costs of PKR 1.68 billion related to financing obtained for the execution of large-scale projects.
The earnings per share plummeted from PKR 236.90 to a loss of PKR 189.02. The stark reversal in profitability highlights the volatile financial environment and the challenges faced in the high-stakes energy sector.
In the detailed financial breakdown, the company’s total liabilities increased, reflecting the broader financial maneuvers involved in sustaining expansive project executions. Share capital remained static at 8,247,037 ordinary shares, each at PKR 10, with reserves showing a slight increase compared to the previous fiscal snapshot.
Siemens Pakistan’s Board of Directors convened on July 23, 2024, to discuss these results and the strategic path forward amidst fluctuating market dynamics. The full financial statements and further details on the company’s performance have been made available on Siemens Pakistan’s website for shareholders and investors.