Karachi: Maqbool Textile Mills Limited has announced its financial results for the first quarter ended September 30, 2023. The details were made public following a meeting of the company's Board of Directors held on October 28, 2023, in Mullan.

The board declared that there will be no cash dividends, bonus shares, right shares, or any other entitlement/corporate action for this quarter. Additionally, no other price-sensitive information was disclosed.

In terms of financial performance, Maqbool Textile Mills exhibited significant improvement compared to the same period in the previous year. Sales for the quarter ended September 30, 2023, amounted to Rs. 3,179,455,333, a substantial increase from Rs. 2,698,178,942 in the corresponding quarter of 2022.

The cost of goods sold also rose, but at a slower pace, resulting in a gross profit of Rs. 356,432,005 for Q3 2023, compared to Rs. 148,128,094 in Q3 2022. Other operating income for the quarter was reported at Rs. 701,094.

Selling and distribution expenses, as well as administrative expenses, experienced an increase, totaling Rs. 28,496,487 and Rs. 86,199,299 respectively. Finance cost for the quarter stood at Rs. 167,219,482.

Despite these expenditures, Maqbool Textile Mills reported a profit before taxation of Rs. 70,297,038, a significant recovery from a loss of Rs. 41,401,391 in the same period the previous year. This resulted in a net profit of Rs. 40,237,691 for the quarter, translating to earnings per share of Rs. 2.18, a stark contrast to a loss per share of Rs. 4.06 in Q3 2022.

The company noted that the quarterly report for the period ended September 30, 2023, will be transmitted through PUCARS separately, within the specified timeframe.