Karachi: Otsuka Pakistan Ltd. has officially reported a decline in earnings per share and opted not to distribute dividends for the third quarter ending September 30, 2024. The announcement came following a board meeting held on October 30, 2024, as detailed in the company’s latest financial disclosures to the Pakistan Stock Exchange (PSX).

The company recorded revenues of PKR 810.91 million for the quarter, a slight increase from PKR 795.42 million in the corresponding quarter of the previous year. Despite higher revenue, the net loss widened significantly, with the loss per share escalating to PKR 9.89 from PKR 2.97 in the third quarter of 2023.

The comprehensive financial statement indicates a gross profit of PKR 139.15 million, down from PKR 178.76 million a year earlier. The decline in profitability can be attributed to increased selling and administrative expenses, which surged to PKR 101.86 million and PKR 41.55 million respectively. Other income decreased to PKR 4.25 million, a substantial drop from PKR 62.33 million in the prior year.

According to information available from the Pakistan Stock Exchange (PSX), Otsuka Pakistan’s finance costs also rose, adversely impacting the bottom line. The operating loss for the quarter was PKR 127.32 million, a stark contrast to the operating profit of PKR 92.31 million reported in the same period last year.

The board of directors has recommended no cash dividends, bonus shares, or rights shares issuance for the period, underscoring the financial strain evident from the company’s quarterly performance.

These financial results and further details can be accessed on the company's official website and are also expected to be transmitted through PUCARS to the Exchange within 30 days following the quarter’s end.