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Lahore, Sugar Mills Limited disclosed its financial outcomes for the half-year and second quarter ending March 31, 2024. The Board of Directors, convening in Lahore on May 24, 2024, released the following figures.
The net sales for the half-year reached 1,681,208,826 rupees, a significant rise from 1,205,686,914 rupees in the previous year. Similarly, the quarter’s net sales totaled 443,079,206 rupees, up from 517,388,373 rupees in 2023. However, the cost of sales saw an increase, leading to a gross loss of 1,504,554,469 rupees for the half-year and 535,271,860 rupees for the quarter.
According to information available from the Pakistan Stock Exchange (PSX), operating profits turned to losses, with a half-year operating loss of 40,784,961 rupees, in stark contrast to a marginal operating loss of 2,161,827 rupees in the previous year. The quarter similarly suffered, with a minimal operating loss of 328,654 rupees widening to 22,781,660 rupees.
The financial charges for the half-year period were reported at 135,869,396 rupees, compared to 107,547,485 rupees in 2023. The taxation figures further affected the company’s performance, with a substantial taxation charge of 304,877,732 rupees for the half-year and 250,361,283 rupees for the quarter.
Overall, the company reported a significant loss after taxation of 182,502,018 rupees for the half-year, compared to a loss of 45,334,940 rupees in the previous year. For the quarter, the loss after taxation was even more pronounced, totaling 340,633,109 rupees against a gain of 25,023,805 rupees in 2023.
The earnings per share reflected this downward trend, with a basic and diluted loss per share of 19.31 rupees for the half-year and an even sharper loss of 36.05 rupees for the quarter.