Karachi: The Board of Directors of Nina Industries Limited convened on September 2, 2024, via video link to disclose the financial outcomes for the fiscal year ended June 30, 2019. According to information available from the Pakistan Stock Exchange (PSX), the board reviewed various entitlements and corporate actions, ultimately deciding not to distribute any cash dividends or issue bonus or right shares for the year.

The company reported a gross loss of Rs. 31.05 million for the year, showing an improvement compared to the loss of Rs. 97.47 million recorded in the previous year. Administrative expenses also saw a significant decrease from Rs. 226.08 million in 2018 to Rs. 44.24 million. Despite these reductions, the company still experienced a net loss after taxation of Rs. 64.08 million, an improvement over the prior year's net loss of Rs. 326.45 million.

Further details revealed a decrease in the cost of services from Rs. 430.16 million to Rs. 390.16 million and a slight increase in other income from Rs. 1.96 million to Rs. 15.71 million. The company's financial costs were negligible, amounting to just Rs. 60,390, which marked a substantial decrease from the previous year's Rs. 699,672.

The board announced that the annual general meeting would be scheduled at a later date and location yet to be determined. The company's share transfer books will be closed from August 24, 2024, to September 2, 2024, and shareholders registered by the close of business on September 2 will be eligible for any future entitlements.

This financial disclosure comes amidst a challenging economic climate for service providers, with Nina Industries striving to navigate through operational and financial hurdles to stabilize its financial health.