Karachi: Yousaf Weaving Mills Limited, part of the Chakwal Group, has reported a substantial financial loss for the fiscal year ending June 30, 2024. The textile company disclosed its financial outcomes in a letter to the Pakistan Stock Exchange, indicating a challenging year with lower sales and increased costs.
The company’s financial records show a net sales revenue of 527.64 million rupees for 2024, a decrease from the 860.86 million rupees recorded in 2023. The cost of sales also saw a reduction, amounting to 524.59 million rupees compared to the previous year's 849.76 million rupees. Despite the reduced costs, the company's gross profit plummeted to 3.01 million rupees, significantly down from 11.07 million rupees in 2023.
Administrative expenses and distribution costs remained high, further impacting the company's bottom line. Administrative expenses for 2024 were recorded at 36.10 million rupees, slightly down from 49.38 million rupees in 2023, while distribution costs totaled 4.99 million rupees. According to information available from the Pakistan Stock Exchange (PSX), Yousaf Weaving Mills experienced an operating loss of 38.03 million rupees in 2024, compared to a loss of 46.90 million rupees in 2023.
The financial statement highlighted other operating charges, including a financing cost of 4.64 million rupees and a negligible amount of other operating income, which could not offset the significant charges incurred. Loss before taxation stood at 49.21 million rupees, with the company also facing levies totaling 6.60 million rupees.
The cumulative effect of these financial strains led to a loss per share of 0.39 rupees in 2024, reflecting a slight improvement from the loss per share of 0.74 rupees in the previous year.
Yousaf Weaving Mills has decided against distributing dividends or issuing rights shares this year, opting instead to manage its financial health amid these losses. The company promised to send copies of the detailed financial statements to its members via email and through the Pakistan Corporate and Regulatory Authority in due course.