Faisalabad: J.K. Spinning Mills Ltd. announced its financial outcomes for the first quarter ending September 30, 2024, detailing a decline in profits and revenue compared to the previous year, as per details from their latest board meeting.

In the meeting held at their headquarters in Faisalabad, the directors reported no new cash dividends or share distribution changes for the quarter. Specifically, the company will not be distributing any interim or bonus shares, and no rights shares will be issued, maintaining the status quo from previous distributions.

According to information available from the Pakistan Stock Exchange (PSX), the textile firm's revenue from contracts with customers stood at 10.44 billion rupees for the quarter, a decrease from 11.09 billion rupees in the same quarter of the previous year. The cost of sales also saw a decline, contributing to a gross profit of 1.38 billion rupees, down from 1.51 billion rupees year-on-year.

Operational costs, including distribution and administrative expenses, totaled 525.34 million rupees, showing an increase from the previous year's 434.58 million rupees. This led to a profit from operations of 940.91 million rupees, down from 1.09 billion rupees.

The finance cost for the quarter was slightly less at 578.39 million rupees compared to 590.83 million rupees in the prior year. The profit before taxation stood at 205.18 million rupees, a notable decrease from 357.91 million rupees in the year-ago quarter, with earnings per share falling to 2.01 rupees from 3.50 rupees.

The company's quarterly report will be disseminated through PUCARS within the specified timeframe, ensuring compliance and transparency regarding its financial status.