Lahore: Gulistan Spinning Mills Limited has released its financial results for the first quarter ended September 30, 2024, showcasing a significant improvement in profit despite no new dividends or shares being issued during the period.

The Lahore-based textile company reported a net profit of 56.14 million rupees for the quarter, a sharp rise from the 16.12 million rupees recorded in the same period last year. This improvement is primarily attributed to a decrease in financial costs and stable operational expenses.

According to information available from the Pakistan Stock Exchange (PSX), the company's net sales for the quarter amounted to 869.46 million rupees, up from 867.46 million rupees year-over-year. The cost of sales slightly increased, resulting in a gross profit of 2.00 million rupees, compared to a loss in the previous year.

Operational efficiency at Gulistan Spinning Mills was evident as administrative and other operating expenses were maintained at a consistent level, contributing to the bottom line. The financial cost for the quarter was significantly reduced to 3.34 million rupees from 5.74 million rupees last year, further aiding the profitability.

The earnings per share also reflected positive growth, ending the quarter at 0.34 rupees per share. This performance indicates a strengthening in the company’s financial stability and operational effectiveness.

Gulistan Spinning Mills continues to focus on enhancing its market position and improving shareholder value in a challenging economic environment.