Karachi: Artistic Denim Mills Limited has disclosed its financial results for the quarter ended September 30, 2023, following a Board of Directors meeting in Karachi on October 27, 2023. The company has decided not to distribute cash dividends, bonus shares, right shares, or any other entitlements. Additionally, there is no other price-sensitive information to declare.

The financial statement reveals a turnover of 5,109,165,000 Rupees for Q3 2023, an increase from the 3,659,698,000 Rupees reported in Q3 2022. However, cost of sales also rose, resulting in a gross profit of 699,801,000 Rupees, compared to 569,118,000 Rupees in the previous year. After accounting for distribution costs, administrative expenses, and other operating expenses, the operating profit stood at 568,699,000 Rupees, up from 418,049,000 Rupees in Q3 2022. Despite this increase, the company saw a significant rise in finance costs, which surged to 317,758,000 Rupees from 131,096,000 Rupees, resulting in a profit before taxation of 250,941,000 Rupees. After a taxation expense of 75,212,000 Rupees, the net profit for the period totaled 175,729,000 Rupees, reflecting a decrease from the 245,078,000 Rupees reported in the same period of the previous year.

Earnings per share for the quarter were not disclosed in the financial statement.

The company confirmed that the Quarterly Report for the period ended September 30, 2023, will be transmitted through PUCARS within the specified time.