Kohat: Janana De Malucho Textile Mills Ltd. has disclosed a financial loss for the fiscal year ending June 30, 2024, as revealed in its annual report. The Kohat-based company experienced a decrease in net turnover from Rs. 6,016.53 million in the previous year to Rs. 5,884.71 million, marking a reduction of Rs. 131.82 million. According to information available from the Pakistan Stock Exchange (PSX), the textile manufacturer also reported an increased pre-tax loss of Rs. 536.75 million compared to Rs. 102.69 million the previous year.

The directors attributed the negative financial results primarily to significant increases in power and fuel costs, which surged by nearly 150% due to government price hikes. Additionally, competition from cheaper imported yarn further strained the company's margins. In response to these challenges, Janana De Malucho is exploring cost-saving measures, including installing a solar power plant and upgrading machinery to improve efficiency.

In light of the substantial losses, the board recommended not declaring a dividend for the year to preserve financial resources and maintain cash flow stability. The annual general meeting is scheduled to take place on October 26, 2024, where shareholders will vote on key resolutions including the ratification of transactions with related parties and the reappointment of auditors.

Despite the current difficulties, the company remains optimistic about the potential for recovery in the coming financial year, as indicated by recent positive trends in the economic environment.