Karachi: Dadex Eternit Limited, a key player in the building materials sector listed on the Pakistan Stock Exchange, reported a substantial net loss of PKR 350.40 million for the fiscal year ending June 30, 2024. This figure marks an increase in losses compared to the previous year's PKR 420.03 million.

During the fiscal year, Dadex Eternit's gross sales decreased to PKR 1.35 billion from PKR 1.66 billion in 2023. After accounting for sales tax, the net sales stood at PKR 1.12 billion, down from PKR 1.40 billion a year earlier. The cost of sales was reported at PKR 1.06 billion, leading to a gross profit of PKR 56.67 million, significantly lower than the PKR 129.58 million reported in 2023.

The company's financial challenges were further compounded by increases in distribution costs and administrative expenses, totaling PKR 96.95 million and PKR 176.07 million, respectively. Other expenses amounted to PKR 22.21 million, while other income decreased to PKR 93.15 million.

According to information available from the Pakistan Stock Exchange (PSX), Dadex Eternit's operating loss for the year was PKR 145.40 million. The finance costs also increased, totaling PKR 167.56 million, contributing to the pre-tax loss of PKR 314.12 million. After taxation, the net loss for the year was cemented at PKR 350.40 million.

The company's board of directors, meeting in Karachi on September 24, 2024, recommended no cash dividends, bonus shares, or rights shares for the year. Furthermore, the Annual General Meeting (AGM) is scheduled for October 28, 2024, at the company's registered office in Karachi, with the entitlement deadline for participation set on October 18, 2024.

The share transfer books of Dadex Eternit will be closed from October 19, 2024, to October 28, 2024, with the Annual Report set to be transmitted through PUCARS at least 21 days before the AGM. This financial summary underscores a challenging year for Dadex Eternit, with increased losses and reduced operational efficiencies.