Faisalabad: The Crescent Textile Mills Limited, in a recent board meeting at its Sargodha Road office in Faisalabad, declared that there would be no cash dividends, bonus shares, or right shares issued this year, reflecting a challenging fiscal period.

According to information available from the Pakistan Stock Exchange (PSX), the meeting, held on September 30, 2024, outlined significant financial downturns compared to the previous year. The financial statements released showed a sharp decline in the company’s performance with the revenue for the year ending June 30, 2024, at 23,755.88 million rupees, up from 19,891.36 million rupees in 2023. However, the cost of sales rose to 22,394.98 million rupees, significantly impacting the gross profit, which fell from 2,665.27 million rupees in 2023 to 1,360.90 million rupees in 2024.

Operating expenses also played a role in the company's downturn. Distribution costs, administrative expenses, and other expenses totaled 1,489.34 million rupees, culminating in an operational loss of 11.01 million rupees, a steep drop from a profit of 1,811.40 million rupees in the previous year. The financial strain continued with a hefty finance cost of 1,631.77 million rupees leading to a pre-tax loss of 1,903.95 million rupees.

The board also announced that the Annual General Meeting would be held on October 28, 2024, in Faisalabad. The Share Transfer Books will be closed from October 22 to October 28, 2024, to prepare for the meeting and finalize the shareholder entitlements. Transfers received in Lahore by the end of business on October 21, 2024, will be eligible for determining the voting rights at the meeting.

Additionally, the annual report will be distributed through the Pakistan Unified Corporate Reporting System (PUCARS) at least 21 days before the meeting to allow shareholders ample time to review the company’s full-year performance.