Karachi: Fateh Sports Wear Limited has disclosed its financial results for the first quarter ended September 30, 2024, revealing a significant operating loss due to non-existent sales and high administrative expenses. The report was submitted to the Pakistan Stock Exchange Limited on October 30, 2024.

According to information available from the Pakistan Stock Exchange (PSX), the company reported a net loss after taxation of 2.20 billion rupees for the quarter, a stark contrast to the 3.47 billion rupees profit recorded in the same period last year. The operating loss was primarily driven by a massive administration expense of 699.79 million rupees and an unfavorable exchange rate difference costing the company an additional 1.50 billion rupees.

This financial period stands out as especially challenging for Fateh Sports Wear Limited, with the reported administrative costs increasing by over 173.30 million rupees compared to the previous year. The lack of sales has put a significant strain on the company’s financial health, highlighting potential issues in operations or market conditions.

Fateh Sports Wear Limited has assured its stakeholders that the detailed quarterly report will be transmitted through PUCARS within the specified timeframe, ensuring full compliance and transparency regarding its financial standing.