Karachi: Gadoon Textile Mills Limited has announced a substantial increase in its profits for the first quarter ended September 30, 2024. According to the financial statements released to the Pakistan Stock Exchange, the company's net profit rose to 583.93 million rupees, up from 433.76 million rupees in the corresponding quarter last year.

The company reported a total revenue of 18.19 billion rupees for the quarter, marking an increase from the 17.60 billion rupees recorded during the same period in 2023. The cost of sales also rose to 16.62 billion rupees from 16.11 billion rupees year-over-year. Despite the higher costs, Gadoon Textile managed to improve its gross profit, which stood at 1.57 billion rupees, compared to 1.49 billion rupees in the prior year.

Operating profit for the quarter reached 1.21 billion rupees, up from 1.16 billion rupees in the first quarter of 2023. This was after accounting for distribution and administrative expenses, which collectively amounted to 353.85 million rupees.

According to information available from the Pakistan Stock Exchange (PSX), Gadoon Textile also declared a cash dividend and issued bonus shares during the quarter. The interim cash dividend was declared at a rate that follows the previously paid interim dividend, and bonus shares were issued in proportion to existing holdings without further diluting the value of existing shares.

Earnings per share for the company increased to 20.83 rupees, up from 15.47 rupees a year earlier, reflecting the company's profitable operations and sound financial management.

This financial performance underscores Gadoon Textile Mills Limited's strong market position and effective cost management strategies, enabling it to maintain profitability amidst competitive and economic challenges.