Lahore: Yousaf Weaving Mills Limited, a subsidiary of the Chakwal Group, has released its unaudited financial results for the first quarter ended September 30, 2024. According to information available from the Pakistan Stock Exchange (PSX), the textile manufacturer reported a gross profit of Rs. 2.739 million, marking an improvement from the Rs. 1.665 million recorded during the same period last year.

The company's gross profit increase reflects a commitment to enhancing operational efficiency despite persistent economic adversities. However, Yousaf Weaving Mills faced a net loss after tax of Rs. 9.054 million, albeit an improvement compared to the net loss of Rs. 11.144 million in the previous year's comparable quarter.

Despite a 38% rise in sales, an almost parallel increase in production costs by 37% limited gains in gross profit margins. The company successfully reduced operating costs by 11% through strategic cost-saving measures, mitigating the financial strain brought on by heightened production expenses and external economic pressures, such as high input costs and fluctuating energy prices.

The company acknowledges the broader economic environment is showing signs of slight improvement, with government efforts to stabilize exchange rates and reduce interest rates being particularly beneficial. Management remains optimistic that continued governmental support in reducing energy costs for the industrial sector will be key to sustaining long-term viability and competitiveness.

Yousaf Weaving Mills extends gratitude to its shareholders for their ongoing support and appreciates the dedicated efforts of its employees during these challenging economic times.