Hyderabad: In a stark reversal of fortune, Fateh Sports Wear Limited reported a significant net loss for the fiscal year ending June 30, 2024, as detailed in their recent board meeting held on September 26, 2024. The financial downturn comes after a previously robust year of gains.

During the fiscal period ending on June 30, 2024, the company experienced zero sales and zero cost of sales, maintaining their previous year's revenue record. However, a substantial increase in financial liabilities, particularly due to foreign exchange losses, marked this year's results. According to information available from the Pakistan Stock Exchange (PSX), Fateh's foreign exchange losses amounted to 16.60 billion rupees compared to a gain of 162.20 billion rupees in the prior year.

The company's operating losses were reported at 2.79 million rupees, slightly improving from last year's 3.52 million rupees. Nonetheless, administration expenses decreased from 3.52 million rupees last year to 2.79 million rupees this year. Additional financial expenditures included minimal bank charges and other charges accumulating to 516.20 million rupees.

The drastic financial swing led to a net loss of 19.90 million rupees for the year, a significant drop from the previous year's net profit of 158.20 million rupees. Earnings per share plummeted from 79.10 rupees to a loss of 9.95 rupees per share.

In light of these results, Fateh Sports Wear Limited has scheduled the closure of its Share Transfer Books from October 22 to October 28, 2024. All transfers received at their Karachi office by the close of business on October 21 will be processed timely. Moreover, the annual report will be disseminated through PUCARS at least 21 days prior to the annual general meeting, as per regulatory requirements.