Karachi: GOC (Pak) Limited has reported a significant downturn in sales for the quarter ending September 30, 2024, alongside a sharp reduction in costs. The Board of Directors of GOC (Pak) approved these unaudited results during their meeting on October 29, 2024, in Sialkot.

For the third quarter of 2024, GOC (Pak) recorded sales of 69,388.08 million rupees, a substantial decrease from 139,393.99 million rupees during the same period in 2023. The cost of sales also saw a reduction to 48,184.84 million rupees from 94,772.18 million rupees in the prior year, reflecting effective cost management strategies.

According to information available from the Pakistan Stock Exchange (PSX), the company’s gross profit stood at 21,203.24 million rupees, down from 44,571.81 million rupees last year. Administrative expenses amounted to 17,835.25 million rupees, and other operating expenses totaled 22,877.94 million rupees. Despite these costs, GOC (Pak) still managed a profit from operations of 6,100.59 million rupees, although this was lower compared to the 27,836.99 million rupees reported last year.

Profit before taxation was recorded at 6,851.94 million rupees, compared to a much higher 28,570.56 million rupees in the third quarter of 2023. After accounting for taxation, the company’s net profit after taxation fell to 3,773.48 million rupees, significantly below the 25,806.99 million rupees achieved a year earlier.

Earnings per share also decreased, registering at 0.51 rupees compared to 3.51 rupees in the previous year, highlighting the financial challenges faced by the company during this period.

The quarterly report for GOC (Pak) Limited will be transmitted through PUCARS within the specified timeframe, providing stakeholders with more detailed information regarding the company's financial health.