Karachi: Pakistan PVC Limited has disclosed continued financial challenges in its first quarter report for the period ending September 30, 2024. The unaudited accounts reveal a persistent downturn driven by significant financial charges, idle costs, and depreciation, alongside halted production at the Gharo Plant.

The financial deterioration is marked by a sustained loss of Rs 1.78 million, despite a slight increase in sales to Rs 3.00 million from Rs 2.31 million in the corresponding period last year. According to information available from the Pakistan Stock Exchange (PSX), the ongoing closure of the Gharo Plant, with no production during the quarter, has severely impacted the company’s operations.

Management remains hopeful for a resolution to longstanding disputes that have affected production capabilities, particularly at their Islamabad facility where PVC pipes and fittings production has been significantly curtailed due to funding shortages and tough economic conditions.

The company’s leadership reiterates the critical need for the Gharo Plant to resume operations to realize any significant improvement in financial results. Stakeholders are keenly watching for developments that could turn around the struggling manufacturer's fortunes.