Lahore: D.S. Industries Limited, a prominent Lahore-based company, disclosed its financial results for the fiscal year ended June 30, 2024, revealing a significant decrease in net profits, according to a document released on October 3, 2024. The company’s profit after taxation plunged to a loss of 3.46 billion rupees, down from a loss of 0.14 billion rupees in the previous year.

The report highlighted a decline in sales from 37.18 billion rupees in 2023 to 29.17 billion rupees in 2024, marking a decrease of 21.53%. The cost of sales also saw a slight drop, contributing to a gross profit of 7.91 billion rupees, substantially lower than the 15.06 billion rupees recorded in 2023. Administrative, selling, and other expenses amounted to 26.11 billion rupees, slightly up from the previous year’s 25.29 billion rupees.

According to information available from the Pakistan Stock Exchange (PSX), D.S. Industries also reported finance costs of 0.38 billion rupees and an operating loss of 0.54 billion rupees, a significant shift from an operating profit of 5.46 billion rupees in the previous fiscal year.

The board of directors decided not to distribute dividends, bonus shares, or right shares this year. This decision comes in the context of the company’s current financial standing and future outlook, which also led to the recognition of deferred tax assets, anticipating future profits.

The annual general meeting is scheduled for October 28, 2024, at the company’s registered office in Lahore, where shareholders will discuss the year’s results and strategies moving forward.