Karachi: Hira Textile Mills Limited has released its financial results for the fiscal year ended June 30, 2023, marking a challenging period with substantial losses across its operations.

According to information available from the Pakistan Stock Exchange (PSX), the company's net sales for the year stood at Rs 42.20 million, a significant downturn from Rs 319.75 million reported the previous year. The cost of goods sold was dramatically higher, resulting in a gross loss of Rs 154.88 million, compared to a loss of Rs 557.55 million in the previous year.

The financial strain extended to administrative and other expenses, which together totaled Rs 10.41 million, further deepening the loss. This fiscal year also saw an impairment allowance of Rs 165.28 million, a slight reduction from the previous year's Rs 587.26 million.

Operational challenges were evident in the operating loss of Rs 101.17 million and a finance cost of Rs 117.73 million, contributing to a total loss before tax of Rs 353.68 million. After accounting for taxation, the loss after tax stood at Rs 366.25 million, resulting in a basic and diluted loss per share of Rs 4.23, compared to a loss of Rs 6.74 per share the previous year.

Despite these financial challenges, Hira Textile Mills expressed gratitude towards its employees and stakeholders for their continued support and trust during these difficult times.

The company has scheduled its Annual General Meeting for November 20, 2023, and will close its share transfer books from November 13 to November 20, 2024, to prepare for this event.