Karachi: Sitara Energy Limited has reported a significant recovery in its financial performance for the fiscal year ended June 30, 2024. The company's annual report shows a shift from a substantial loss in the previous year to a profit, reflecting a notable improvement in its operational outcomes.

In the fiscal year ending June 30, 2024, Sitara Energy recorded net sales of 916.06 million Rupees, a decrease from the 1.07 billion Rupees reported in 2023. The cost of generation closely matched sales, totaling 908.79 million Rupees, which contributed to a minimal gross profit of 7.27 million Rupees. Despite the marginal gross profit, the company managed a significant turnaround in profitability through substantial other income, which increased to 302.70 million Rupees from 46.33 million Rupees in the previous year.

According to information available from the Pakistan Stock Exchange (PSX), the company's other income, combined with controlled operating expenses of 73.82 million Rupees and other operating expenses of 3.94 million Rupees, helped offset a high finance cost of 163.24 million Rupees. The pre-tax profit stood at 68.97 million Rupees compared to a loss of 100.85 million Rupees in 2023.

Sitara Energy ended the year with a net profit of 41.99 million Rupees, demonstrating a robust recovery from a net loss of 103.28 million Rupees in the previous year. Earnings per share also reflected this positive outcome, with a basic and diluted profit of 2.20 Rupees per share, reversing from a loss of 5.41 Rupees per share in 2023.

The Board of Directors, in their meeting on September 30, 2024, approved these financial results, and the share transfer books will remain closed from October 22, 2024, to October 28, 2024. The Annual General Meeting is scheduled for October 28, 2024, in Karachi.