Karachi: Suraj Cotton Mills Limited announced its unaudited financial results for the quarter ending September 30, 2024, indicating a decrease in profitability compared to the same period last year. According to information available from the Pakistan Stock Exchange (PSX), the company reported a profit after taxation of 186.71 million rupees, down from 243.78 million rupees in the comparable quarter of 2023.

The company’s revenue for the quarter stood at 7.60 billion rupees, a slight decline from 7.67 billion rupees in the previous year. The gross profit also showed a decrease, with figures of 484.65 million rupees compared to 598.22 million rupees in 2023. Rising operational costs contributed to the reduced profit margins; the cost of sales amounted to 7.12 billion rupees, up from 7.08 billion rupees last year.

Suraj Cotton Mills' profit from operations decreased to 385.69 million rupees, compared to 485.29 million rupees last year. Administrative expenses increased to 80.98 million rupees from 74.16 million rupees, while other expenses rose significantly, reaching 65.54 million rupees from 28.47 million rupees in the previous year.

The company’s earnings per share (EPS) declined to 3.83 rupees from 4.99 rupees, reflecting the impact of higher costs and lower gross profits. Additionally, the board did not recommend any dividends, bonus shares, or rights shares for this quarter, aligning with its strategic focus amid financial adjustments.

The detailed quarterly report will be submitted to PSX through PUCARS within the designated timeframe.