Karachi: The financial landscape for Quetta Textile Mills has been outlined with stark figures, presenting a substantial loss for the fiscal year ended June 30, 2024. According to information available from the Pakistan Stock Exchange (PSX), the textile giant's financial results reveal a concerning downturn in performance compared to the previous year.

In the detailed financial report issued to the Pakistan Stock Exchange, Quetta Textile Mills disclosed a net loss of 703.85 million rupees for the year, marking a sharp increase in financial strain with a loss per share of 54.14 rupees. The previous fiscal year saw a slightly less severe, but still considerable, loss of 985.07 million rupees, equivalent to 75.77 rupees per share.

The company's sales plummeted to 888.78 million rupees from a previous 3.39 billion, a drastic reduction reflecting broader market challenges and operational hurdles. This was paired with an escalation in the cost of sales to 1.53 billion rupees, further squeezing the gross margins. Despite a decrease in other operational costs and financial expenses, the overall financial health of the company deteriorated significantly.

Other income for the firm, which can include revenue from various non-core business activities, also fell sharply to 31.04 million rupees from 173.60 million in the prior year. The notable reduction in other income sources has compounded the financial woes facing the company.

Distribution costs and administrative expenses saw some reductions, dropping to 4.50 million and 47.50 million rupees respectively, which suggests some efficiency improvements in operational spending. However, these savings were not sufficient to offset the overall negative financial outcome.

As a result of these challenges, the Board of Directors decided against issuing any bonus shares for the year and has announced no changes to the dividend policy, maintaining a dividend of nil, underscoring the financial difficulties.

The Annual General Meeting is scheduled for October 28, 2024, at the company's headquarters on I.I Chundrigar Road, Karachi, where shareholders are expected to seek clarity on the future strategic directions and recovery plans from the company's management.