Lahore: Ghazi Fabrics International Ltd. reported a sustained loss in the fiscal year ending June 30, 2024, according to its latest financial statements. The Board of Directors, meeting on September 27, 2024, declared no dividends or issuance of new shares, reflecting the company's ongoing financial challenges.

According to information available from the Pakistan Stock Exchange (PSX), Ghazi Fabrics witnessed a net loss of 666.31 million Rupees for the year, marginally improving from the previous year’s loss of 667.67 million Rupees. The company’s sales were reported at 4.42 billion Rupees, slightly up from 4.29 billion Rupees in 2023, but were overshadowed by the cost of goods sold, which amounted to 4.83 billion Rupees.

The gross loss for the year stood at 408.88 million Rupees, increasing from 351.99 million Rupees last year. This was compounded by administrative and general expenses of 126.13 million Rupees and selling and distribution costs of 50.77 million Rupees.

Other operating charges also saw a rise, totaling 4.52 million Rupees, contributing to an operating loss of 584.91 million Rupees. Financial charges, although reduced to 97.80 million Rupees from 132.89 million Rupees, further exacerbated the financial strain on the company.

Ghazi Fabrics' Annual General Meeting is scheduled for October 26, 2024, in Lahore, pending approval from the Stock Exchange. The share transfer books will remain closed from October 9, 2024, to October 26, 2024, with the cutoff for transfer processing set for October 18, 2024, to determine eligibility for meeting attendance.