Karachi: The Board of Directors of Mehran Sugar Mills Limited has approved the unaudited financial statements for the period ended June 30, 2024, as revealed in their meeting held today, July 30, 2024, at the company's registered office.

The financial results reflect a downturn in the company's quarterly performance compared to the same quarter last year. For the quarter ended June 2024, the company posted a net turnover of 4,275.59 million Rupees, down from 3,326.29 million Rupees in June 2023 after accounting for sales tax. The cost of sales showed a significant increase, leading to a gross profit of 285.52 million Rupees compared to 896.83 million Rupees a year ago.

According to information available from the Pakistan Stock Exchange (PSX), Mehran Sugar Mills reported a loss before taxation of 476.44 million Rupees for the quarter, a sharp decline from a profit of 673.72 million Rupees during the same period last year. The company experienced an operating loss of 121.73 million Rupees, in contrast to an operating profit of 574.43 million Rupees in June 2023. The loss was partly offset by other operating income, which totaled 191.66 million Rupees.

For the nine-month period ended June 30, 2024, Mehran Sugar Mills reported a profit after tax of 298.35 million Rupees, down from 1,045.77 million Rupees in the corresponding period of the previous year. The earnings per share for the period stood at 3.98 Rupees, compared to 13.96 Rupees last year.

No dividends, bonus shares, or rights shares were announced, maintaining the company's trend of not distributing earnings as dividends.

The company also confirmed that the Quarterly Report for the period ended June 30, 2024, would be transmitted in electronic form through the Pakistan Unified Corporate System (PUCARS) within the specified timeframe.