AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Lahore, The Thal Industries Corporation Limited released its unaudited financial results for the six months ending March 31, 2024. According to information available from the Pakistan Stock Exchange (PSX), the company reported a decrease in sugar recovery rates and a decline in net sales compared to the same period last year.
The Directors’ review highlighted that the sugar industry faced challenges due to adverse climatic conditions and flooding, which impacted sugar recoveries. The company processed 2,701,533.490 metric tons of sugarcane, producing 260,695.850 metric tons of white refined sugar with a decreased recovery rate of 9.655%. This marks a decline from the previous year’s recovery rate of 10.784%.
Net sales for the first half of the fiscal year amounted to Rs. 12,274.494 million, a decrease from Rs. 14,583.256 million in the prior year. The company’s pre-tax profit also fell to Rs. 1,718.209 million from Rs. 2,160.207 million.
The board of directors emphasized ongoing efforts to enhance production efficiency and profitability through various initiatives, including technological upgrades and support for cane growers. The company adheres to corporate governance standards as per the Listed Companies (Code of Corporate Governance) Regulations, 2019, and the Pakistan Stock Exchange rules.
In their future outlook, the directors noted the challenges posed by high sugarcane prices and the regulatory environment, which affects sugar pricing. The board remains focused on navigating these issues to improve the company’s financial health and sustainability.