Faisalabad: AN Textile Mills Limited has announced its financial results for the fiscal year ending June 30, 2024, revealing no distribution of dividends, bonus, or right shares to its shareholders. This decision follows a year characterized by a reduced financial loss compared to the previous fiscal period.

According to information available from the Pakistan Stock Exchange (PSX), the company held its Board of Directors meeting today at its registered office in Faisalabad, where they reviewed the fiscal year's outcomes. The detailed financial results underscored a notable improvement in performance despite the continuation of losses.

For the year ended June 30, 2024, AN Textile Mills reported revenue from contracts with customers amounting to 3.46 billion rupees, a significant increase from 1.68 billion rupees in the previous year. The cost of sales was slightly reduced to 3.39 billion rupees, leading to a gross profit of 68.14 million rupees, a turnaround from a gross loss of 84.32 million rupees in 2023.

The company continued to incur various operational costs including distribution costs of 5.51 million rupees and administrative expenses which stood at 67.40 million rupees. Other expenses also rose to 21.42 million rupees, while finance costs decreased notably to 50.18 million rupees from 95.95 million rupees the previous year.

The loss before taxation was recorded at 114.54 million rupees, improving from a loss of 252.72 million rupees in 2023. After accounting for taxation credits of 4.17 million rupees, the net loss for the year was 110.38 million rupees. This represents an improvement, with the loss per share decreasing to 11.43 rupees from 20.26 rupees.

AN Textile Mills' financial report, showing no dividend and a smaller loss, indicates some stabilization in its operations, yet it highlights ongoing challenges in returning to profitability. The absence of dividend payouts reflects the company's strategy to retain earnings to bolster its financial position amid these challenges.