Karachi: Bolan Castings Limited released its condensed interim statement of profit or loss for the first quarter ended September 30, 2024, on 24 Oct 2024. The company experienced a significant downturn, moving from a profit last year to a loss this quarter.

In the first quarter of 2024, Bolan Castings reported revenue from contracts with customers at PKR 414.05 million, a decrease from PKR 652.46 million during the same period in 2023. The cost of sales was slightly reduced to PKR 408.82 million from PKR 575.09 million. Despite this, the gross profit plummeted to PKR 5.24 million from PKR 77.37 million in the previous year.

Distribution expenses were reduced to PKR 11.55 million, down from PKR 13.93 million, and administrative expenses decreased to PKR 20.50 million from PKR 22.80 million. According to information available from the Pakistan Stock Exchange (PSX), the company also faced other expenses of PKR 1.56 million, while other income increased to PKR 4.38 million from PKR 3.25 million.

However, these adjustments were insufficient to offset the overall negative trend. The operating loss for the quarter was PKR 22.43 million, a stark contrast to the PKR 42.32 million profit recorded last year. Finance costs, though lower at PKR 12.70 million compared to PKR 21.80 million in 2023, contributed to a pre-tax loss of PKR 35.13 million.

After accounting for an income tax expense of PKR 3.51 million, down from PKR 8.31 million, Bolan Castings concluded the quarter with a net loss of PKR 38.64 million, equivalent to a loss per share of PKR 3.37. This is in sharp contrast to the earnings per share of PKR 1.06 reported in the third quarter of 2023.