Karachi: Shahzad Textile Mills Limited has reported a net loss of 98.78 million rupees for the fiscal year ended June 30, 2024. According to the financial results released to the Pakistan Stock Exchange, the company's sales were at 11.01 billion rupees, while the cost of sales stood at approximately 10.50 billion rupees, resulting in a gross profit of 517.47 million rupees. This comes amid significant operational challenges reflected by the company's loss for the year.

In contrast to the previous fiscal year of 2023, where the company posted a net loss of 269.24 million rupees, the current year’s financial outcomes show some reduction in losses despite ongoing financial strains. The operating expenses for the year totaled 431.65 million rupees, a decrease from the previous year’s 402.11 million rupees. The administrative and selling expenses amounted to 286.62 million rupees and 145.04 million rupees, respectively.

According to information available from the Pakistan Stock Exchange (PSX), Shahzad Textile did not declare any dividends, bonus shares, or rights shares for the year, indicating a possible strategy to stabilize finances. Furthermore, the Annual General Meeting of the company is scheduled to be held on October 28, 2024, at their registered office in Lahore.

The company's financial report reveals a complicated financial year marked by high operating costs and finance expenses. The finance costs alone stood at 192.54 million rupees, contributing significantly to the net loss. Additionally, Shahzad Textile mentioned that the annual report would be transmitted through PUCARS at least 21 days before the upcoming Annual General Meeting, ensuring compliance with regulatory requirements and transparency with shareholders.