Karachi: Bilal Fibres Ltd. has reported a net loss of PKR 4.60 million for the first quarter ending September 30, 2024, as compared to a net loss of PKR 4.38 million during the same period last year. According to information available from the Pakistan Stock Exchange (PSX), the company attributed its continued losses to prevailing economic conditions and ongoing challenges in the textile sector.

The company’s directors indicated that they are focused on negotiating with banking institutions as a critical factor in improving financial standing. They also outlined a plan to sell fixed assets, initially set for shareholder approval at the annual general meeting held on October 28, 2024. However, the Securities and Exchange Commission of Pakistan (SECP) deferred the agenda due to specific issues. Bilal Fibres Ltd. is now working to address these concerns and will seek approval in an upcoming extraordinary general meeting.

The company acknowledged the support received from its customers, suppliers, and banking partners, along with the dedicated services rendered by its employees during this period.