Lahore: Avanceon Limited has released its financial performance report for the nine months ending September 30, 2024, highlighting fluctuations in profitability and revenue across its standalone and consolidated operations. According to information available from the Pakistan Stock Exchange (PSX), the company posted varied results, with certain areas showing improvement while others reflected ongoing challenges.

For its standalone operations, Avanceon Limited reported revenue of PKR 1.95 billion, up from PKR 1.21 billion in the corresponding period last year. Despite the increase in revenue, the company’s cost of sales also rose to PKR 1.27 billion from PKR 942.28 million. This resulted in a gross profit of PKR 677.95 million, a marked improvement from the PKR 267.66 million recorded in the same period last year.

However, administrative and selling expenses increased to PKR 371.86 million, impacting profitability. After accounting for other income of PKR 14.63 million, the company's loss before taxation for the period was PKR 463.65 million. Following taxation, the loss stood at PKR 97.82 million. Earnings per share (basic) for the period were reported at PKR 0.13, down from PKR 2.75 in the previous year.

In the consolidated segment, Avanceon Group reported total revenue of PKR 9.14 billion, compared to PKR 8.15 billion in the previous year. The cost of sales increased to PKR 6.58 billion from PKR 5.76 billion, resulting in a gross profit of PKR 2.56 billion. Administrative and selling expenses amounted to PKR 1.82 billion, contributing to a consolidated profit after taxation of PKR 336.96 million, lower than the PKR 1.08 billion recorded in the same period last year.

The earnings per share for the consolidated period were reported at PKR 0.79 (basic), compared to PKR 2.50 in the previous year. The profit attributable to equity holders of the holding company was PKR 313.35 million, while the non-controlling interest accounted for PKR 23.61 million.

The board of directors did not announce any cash dividend, bonus shares, or right shares for the period. The company emphasized that its full quarterly report would be transmitted through the Pakistan Unified Corporate Action Reporting System (PUCARS) within the specified time frame.