Lahore: Altern Energy Limited has revealed significant financial outcomes for the fiscal year ended June 30, 2024. The Lahore-based company, in a board meeting on September 19, 2024, disclosed that its annual profit has sharply declined, marking a challenging year for the firm.

According to information available from the Pakistan Stock Exchange (PSX), the energy company's consolidated profit after tax fell to 5.31 billion rupees from 7.24 billion rupees the previous year. This drop came despite a reduction in direct costs and a notable increase in other income. The profit attributable to the owners of the parent company also decreased from 4.28 billion to 3.09 billion rupees, reflecting a downward trend that affected both the company's main operations and its affiliates.

The firm also reported a stark contrast in its unconsolidated financial statement, which showed a remarkable turnaround from a loss of 72.86 million rupees in 2023 to a profit of 4.34 billion rupees in 2024. This was largely due to an exceptional rise in other income, which jumped from 37.02 million to 4.50 billion rupees over the year.

Revenue on a consolidated basis dropped dramatically from 16.86 billion rupees in 2023 to 9.60 billion rupees this year, while gross profit saw a decrease from 8.24 billion to 5.99 billion rupees. The company faced significant reductions in several key areas including administrative expenses and finance costs, which were notably lower than the previous fiscal period.

Despite the financial challenges, Altern Energy declared no dividend and decided against issuing any bonus or right shares for the year. The company's share transfer books will remain closed from October 22, 2024, to October 28, 2024, as preparations are underway for the Annual General Meeting scheduled for October 28, 2024, in Lahore.

In an effort to keep shareholders informed, the annual report will be transmitted through PUCARS at least 21 days before the meeting, ensuring compliance and transparency in its corporate governance.