Karachi: Ansari Sugar Mills Limited released its financial performance for the year ending December 31, 2022, marking an escalation in net losses compared to the previous year. According to information available from the Pakistan Stock Exchange (PSX), the company’s un-audited financial statements showed a loss after taxation of Rs. 168.52 million, a significant increase from the Rs. 95.11 million loss recorded in 2021.

The company's sales dropped slightly to Rs. 77.69 million from Rs. 81.61 million in the previous year. However, the cost of sales exceeded the net sales figures, resulting in a gross loss of Rs. 3.76 million, compared to a loss of Rs. 1.68 million in 2021. The increase in gross loss was primarily due to higher production costs not offset by sales revenue.

Operating expenses totaled Rs. 9.57 million, a slight decrease from Rs. 11.36 million in the previous year. This reduction in operating expenses was not enough to mitigate the substantial rise in finance costs, which soared to Rs. 197.64 million from Rs. 112.69 million, driving a deeper operational deficit.

The loss per share also worsened, standing at Rs. 3.00 compared to Rs. 1.69 in the previous fiscal year, further reflecting the increased financial strain on the company's profitability.

Despite these challenges, the company managed to record a taxation credit of Rs. 42.45 million, an increase from Rs. 30.62 million in 2021, which slightly cushioned the financial impact on the net loss figures.