Faisalabad: Crescent Cotton Mills Limited reported a reduction in net earnings and declared no dividends for the fiscal year ended June 30, 2024. The company’s detailed financial results reveal a decline in profit and earnings per share, reflecting a challenging operational year.

The textile manufacturer recorded revenues of 5.96 billion rupees in 2024, a decrease from 6.39 billion rupees the previous year. Despite a slight increase in gross profit, escalating administrative and other expenses further pressured the company's financial health. According to information available from the Pakistan Stock Exchange (PSX), the firm’s profit before taxation fell to 87.75 million rupees from 115.36 million rupees in 2023.

Notably, the board of directors has recommended no final cash dividend for the period, maintaining a dividend rate of Nil percent per share. Similarly, no bonus or rights shares were issued, indicating a conservative approach towards capital distribution amidst financial strain.

The company also reported a loss from discontinued operations amounting to 25.96 million rupees, which significantly impacted the net profit, bringing it down to 50.68 million rupees. This loss contrasts sharply with the 2023 fiscal year, where no such losses were reported and the company enjoyed a net profit of 114.79 million rupees.

Earnings per share from continuing operations dropped to 3.38 rupees from 5.07 rupees a year earlier, and the loss per share from discontinued operations was recorded at 1.15 rupees.

The annual general meeting of Crescent Cotton Mills is scheduled for October 28, 2024, at the company’s registered office in Faisalabad, where shareholders will discuss these results and the strategic outlook for the upcoming fiscal year.