AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: Sindh Abadgar’s Sugar Mills Limited has reported a substantial loss for the third quarter ended June 30, 2024, with no dividends or rights issues announced for shareholders.
According to information available from the Pakistan Stock Exchange (PSX), the company’s financial performance has seen a significant downturn, with a loss after taxation totaling PKR 235.28 million for the quarter, compared to a loss of PKR 29.45 million during the same period in 2023. For the nine-month period ended June 30, 2024, the company also reported a loss after taxation of PKR 142.79 million, a stark contrast to a profit of PKR 33.04 million recorded in the corresponding period last year.
Revenue for the quarter fell to PKR 1.11 million from PKR 1.03 billion a year earlier, while the nine-month net sales dropped from PKR 2.82 billion in 2023 to PKR 2.25 billion in 2024. The cost of sales and other operational expenses heavily impacted the gross and operating profits, resulting in negative figures across the board.
Finance costs have also risen sharply, exacerbating the financial strain on the company. These costs increased from PKR 301.62 million in the nine months of 2023 to PKR 467.72 million in the same period of 2024. The company’s earnings per share have correspondingly reflected this downturn, with a loss of PKR 22.57 per share for the quarter and PKR 13.70 for the nine-month period.
No corporate actions such as cash dividends, bonus issues, or right shares were recommended by the Board of Directors in their latest meeting, reflecting the financial challenges faced by the company. The full financial results and quarterly report will be disseminated through PUCARS, ensuring stakeholders are fully informed of the company’s financial state and future outlook.