Karachi: Landmark Spinning Industries Limited convened its 132nd Board of Directors meeting on October 27, 2023, to review the company's un-audited condensed financial statements for the quarter ended September 30, 2023. The Board, after careful consideration, approved the financial statements but decided not to recommend any dividend, bonus shares, or right issue for the period.

Comparative financial results for the quarter ended September 30, 2023, were presented against the restated figures for the same period in 2022. The company experienced a net loss of PKR 2,940,204 for the quarter ended September 30, 2023, which is a slight improvement when compared to the net loss of PKR 3,554,576 for the quarter ended September 30, 2022. The loss before taxation stood at PKR 3,592,484 for the current quarter, compared to PKR 4,063,232 for the corresponding quarter of the previous year. Bank charges and commission for the current period were PKR 3,592,484, showing a decrease from PKR 4,063,232 recorded in September 2022.

The company reported a basic loss per share of PKR 0.24 for the quarter ended September 30, 2023, improving from a loss per share of PKR 0.29 for the same period in the previous year.

Landmark Spinning Industries Limited has assured that the quarterly report for the period ended September 30, 2023, will be transmitted through PUCARS separately within the specified time frame.

By not recommending any dividend, bonus shares, or rights issue, the company’s Board of Directors have reflected their prudent approach towards financial management and their commitment to ensuring the company’s stability during challenging times.