Karachi: Leather Up Limited, a key player in the leather industry, has experienced a significant decrease in its net revenue for the first quarter ending September 30, 2024, posting a net loss of Rs. 4.0 million, a stark contrast to the net profit of Rs. 98,611 in the same period last year.

According to information available from the Pakistan Stock Exchange (PSX), the company's net revenue drastically fell from Rs. 18.7 million in September 2023 to Rs. 4.0 million in September 2024. The company's total assets also saw a downturn, standing at Rs. 127,583 compared to Rs. 127,583 at the end of the first quarter of the previous year.

Despite the financial downturn, Leather Up Limited remains optimistic about its future. The management is focused on enhancing operational efficiencies, exploring new market opportunities, and reducing production costs. These strategic initiatives are aimed at leveraging key performance drivers to navigate through global uncertainties and maintain stability.

The company's forward-looking approach includes actively working to secure significant export orders from existing clients while also venturing into new markets to support sustainable export growth. Leather Up Limited remains committed to safeguarding shareholder interests and stabilizing its financial performance in the upcoming quarters.