Karachi: Yousaf Weaving Mills Limited, a subsidiary of the Chakwal Group, released its financial outcomes for the quarter ended September 30, 2024. The details reveal significant insights into the company's current fiscal health amid challenging market conditions.

The textile company reported a net sales increase to Rs 114.53 million in the third quarter of 2024, up from Rs 83.05 million in the same period last year. This represents an improvement in revenue of approximately 37.92%. Cost of sales also saw a rise, totaling Rs 111.77 million compared to the previous year's Rs 81.38 million.

Despite higher sales, Yousaf Weaving faced an increase in operational costs leading to a gross profit of Rs 2.76 million, a modest gain from Rs 1.67 million year-over-year. The company's distribution costs and administrative expenses combined for a total of Rs 13.95 million, contributing to an operating loss of Rs 9.71 million, which, although substantial, shows a slight improvement from last year's Rs 10.85 million loss.

According to information available from the Pakistan Stock Exchange (PSX), Yousaf Weaving's loss before taxation widened to Rs 7.65 million. After accounting for taxation expenses, the total loss for the period stood at Rs 9.08 million, translating to a basic and diluted loss per share of Rs 0.07, slightly better compared to Rs 0.08 in the third quarter of 2023.

The company's board has decided not to issue any cash dividends, bonuses, or rights shares at this time, reflecting the ongoing financial adjustments and strategic evaluations.