Karachi: Metropolitan Steel Corporation Limited has reported a significant increase in its losses for the fiscal year ended June 30, 2024. According to the latest financial statements filed with the Pakistan Stock Exchange (PSX), the company experienced a comprehensive loss of PKR 23.34 million, a sharp increase from the previous year's PKR 13.00 million.

The corporation's revenue saw a marginal increase from PKR 99.20 million in 2023 to PKR 122.48 million in 2024. However, the cost of sales also rose substantially from PKR 106.78 million to PKR 139.69 million, resulting in a higher gross loss of PKR 17.21 million compared to PKR 7.57 million in the prior year.

Administrative expenses and selling and distribution costs also contributed to the financial strain, although administrative expenses decreased slightly from PKR 9.24 million to PKR 10.33 million year-over-year. Selling and distribution costs saw a slight decrease from PKR 0.41 million in 2023 to PKR 0.62 million in 2024.

Operating losses deepened, as finance costs surged from PKR 17.22 million to PKR 28.17 million. According to information available from the Pakistan Stock Exchange (PSX), other charges and incomes also fluctuated, with other income dropping significantly from PKR 14.08 million in 2023 to PKR 4.61 million in 2024.

Despite a minimal tax relief of PKR 1.94 million, the net loss after taxation widened considerably to PKR 23.34 million. The earnings per share deteriorated further, falling to PKR 0.75, down from PKR 0.42 in the previous year.

Metropolitan Steel Corporation, listed under the industrial metals sector, faces continuing challenges as it attempts to navigate a difficult economic landscape marked by increasing costs and competitive pressures.