Lahore: Service Industries Textiles Ltd., a prominent player in the Pakistani textile market, disclosed substantial financial losses for the year ended June 30, 2024, during their recent board meeting on October 4, 2024. The meeting, held at their registered office in Lahore, concluded with no dividends or shareholder benefits declared, reflecting the firm's cautious approach amidst financial setbacks.

The company's financials reveal a considerable decline in performance, with revenue dropping to Rs. 341.32 million in 2024 from Rs. 1.05 billion in 2023. According to information available from the Pakistan Stock Exchange (PSX), the gross loss improved slightly to Rs. 35.24 million from Rs. 109.84 million in the previous year, indicating some cost management efforts.

Despite these efforts, the operational challenges persist as the operating loss amounted to Rs. 79.01 million, although it marked an improvement from the previous year's Rs. 152.41 million. Finance costs and other operational charges also saw a marginal increase, reported at Rs. 13.84 million.

The company recorded a levy of Rs. 16.77 million and faced an income tax expense of Rs. 8.84 million, culminating in a net loss of Rs. 100.64 million for the year, a slight improvement from the previous year's Rs. 157.92 million loss. Other income for the year was minimal at Rs. 31.27 thousand, showing little contribution to alleviating the financial strain.

Earnings per share stood at a loss of Rs. 7.30, better than the previous year's loss of Rs. 11.45 per share, yet highlighting ongoing profitability challenges.

Service Industries Textiles Ltd. also announced that their Annual General Meeting (AGM) is scheduled for October 28, 2024, at Lahore office. Additionally, the Share Transfer Books will remain closed from October 22 to October 28, 2024, to prepare for the AGM, emphasizing the administrative focus amidst financial management efforts.