Karachi: Globe Textile Mills Limited has released its financial results for the half year ended December 31, 2022, showcasing a continuation of challenging economic conditions with no dividend or bonus share issuance announced.

According to information available from the Pakistan Stock Exchange (PSX), the company held a board meeting on October 4, 2024, to discuss the outcomes and future strategies following a detailed review of their performance metrics. The meeting addressed the financial health of the company, reflecting a net loss both on a quarterly and half-yearly basis, compared to the same periods the previous year.

For the half-year ended December 31, 2022, Globe Textile Mills reported a net loss after taxation of 604 million, marking a consistent trajectory when compared to the net loss of 582 million recorded at the end of 2021. Sales saw a decline, alongside fixed overheads and other operating costs contributing to the operating loss. Financial charges remained a significant burden, impacting the overall financial performance of the company.

The board confirmed that there will be no cash dividends, bonus shares, or other corporate actions for the shareholders, underscoring the need for strategic revisions and potential operational adjustments moving forward.

The full half-yearly report for 2022 will be disseminated through PUCARS within the specified timeframe, ensuring compliance with regulatory requirements and maintaining transparency with the investors and market stakeholders.