Karachi: EMCO Industries Limited disclosed its financial performance for the third quarter ended September 30, 2024, marking a significant downturn from the previous year.

According to information available from the Pakistan Stock Exchange (PSX), EMCO Industries experienced a drastic fall in profitability this quarter. The company's revenue declined to Rs. 755.60 million, down from Rs. 1,260.16 million in the same quarter last year. The net loss for the period was reported at Rs. 68.55 million, contrasting sharply with the net profit of Rs. 129.18 million recorded in Q3 2023.

The financial downturn is primarily attributed to a steep increase in the cost of revenue, rising from Rs. 859.11 million last year to Rs. 686.01 million this quarter, coupled with escalating operating expenses. The operating loss stood at Rs. 70.88 million, a reverse from the operating profit of Rs. 73.85 million seen in the prior year.

Other income for the quarter amounted to Rs. 5.10 million, unable to offset the overall financial and other charges of Rs. 103.13 million, which saw a substantial increase from last year's Rs. 94.62 million.

The substantial decline in financial performance has resulted in a loss per share of Rs. 1.96, a stark contrast to the earnings per share of Rs. 3.69 reported in the previous year's corresponding quarter. EMCO Industries attributes these results to higher production costs and adverse market conditions impacting their sales and profitability.