Karachi: Janana De Malucho Textile Mills Limited, a notable player in the textile industry, disclosed its financial results for the fiscal year ended June 30, 2024, revealing significant losses across multiple financial categories. This announcement follows a detailed review by the Board of Directors in their latest meeting held at the company's headquarters.

In 2024, the company's sales amounted to 5.88 billion rupees, a slight decrease from the restated previous year's figure of 6.02 billion rupees. The gross profit turned to a loss of 24.57 million rupees, compared to a profit of 346.90 million rupees in 2023. This downturn is primarily attributed to an increase in cost of sales and a marginal rise in distribution costs, which tallied up to 5.91 billion and 74.82 million rupees respectively.

Administrative expenses rose to 140.88 million rupees, exacerbating the financial strain, while other expenses more than tripled to 42.65 million rupees. Conversely, other income plummeted significantly, recording a negative figure of 92.83 million rupees. As a result, the company's net loss from operations stood at 547.84 million rupees, a substantial decline from the previous year's loss of 83.09 million rupees.

Further financial stress was evident in the finance costs, which soared to 357.75 million rupees from 324.94 million rupees a year earlier. The company also faced a loss before income and final taxes of 536.75 million rupees, deepening significantly from 102.69 million rupees in 2023.

After accounting for a final tax levy, the net loss after income tax was recorded at 610.31 million rupees, a stark increase from the loss of 174.71 million rupees reported last year. This resulted in a basic and diluted loss per share of 67.61 rupees, compared to 11.61 rupees in the prior year.

According to information available from the Pakistan Stock Exchange (PSX), Janana De Malucho Textile Mills Limited did not declare any dividends, bonus shares, rights shares, or any other entitlements or corporate actions for the year. The Annual General Meeting is scheduled for October 26, 2024, at its registered office in Habibabad, Kohat, with the Share Transfer Books to be closed from October 19 to 26, 2024.