Multan: The Board of Directors of Ahmad Hassan Textile Mills Limited has approved the financial statements for the first quarter ended September 30, 2024. The board meeting, which took place on October 28, 2024, at the company’s registered office in Multan, confirmed a continued policy of no dividend or share distribution for this period.

According to information available from the Pakistan Stock Exchange (PSX), the company’s financial performance for the quarter shows a growth in revenue from contracts, amounting to Rs. 1.54 billion compared to Rs. 1.30 billion in the same period last year. Despite this increase, the firm maintained its policy of not issuing cash dividends, bonus shares, right shares, or any other entitlements, reflecting a conservative approach amid economic adjustments.

The detailed financial breakdown reveals that the cost of sales was significantly high, totaling Rs. 1.44 billion, which closely trails the reported revenue. This left the company with a gross profit of Rs. 101.15 million, up from Rs. 83.23 million year-over-year.

Other incomes stood modest at Rs. 1.49 million, a decrease from the previous year's Rs. 9.89 million. The reduction in administrative and other operating expenses, which totaled Rs. 23.70 million down from Rs. 25.75 million, provided some relief to the bottom line. However, increased finance costs, which escalated to Rs. 49.66 million from Rs. 28.77 million, significantly impacted the profit before taxation, which was recorded at Rs. 27.78 million.

After adjusting for taxation, the profit after taxation was Rs. 8.54 million, a decrease compared to Rs. 17.16 million in the previous year, with earnings per share also dropping to Rs. 1.01 from Rs. 2.03.

The financial statements are set to be transmitted through PUCARS within the specified timeframe, ensuring compliance with regulatory disclosure requirements.