Karachi: Crescent Jute Products Limited has reported continued financial losses as the company remains non-operational since May 2011 due to a shortage of working capital and reduced demand for its finished goods. During its Annual General Meeting on October 31, 2011, the company decided to dispose of its property, plant, and equipment, a process completed by June 30, 2019.

As of June 30, 2024, Crescent Jute Products Limited has accumulated losses amounting to Rs. 469.24 million, resulting in a negative equity balance of Rs. 195.97 million. Financial performance for the period ended June 30, 2024, indicates no revenue generation, with other income primarily coming from profits on bank accounts, totaling Rs. 40 million. Administrative expenses were reported at Rs. 7,382 million, with other expenses at Rs. 23 million and finance costs at Rs. 10 million.

The company reported a loss before taxation of Rs. 7,375 million, with a loss after taxation of Rs. 7,328 million. According to information available from the Pakistan Stock Exchange (PSX), the company's accounts for the year ended June 30, 2024, show a loss of Rs. 7.38 million, compared to a Rs. 9.16 million loss in the same period in 2023. The loss per share decreased from Rs. 0.39 in 2023 to Rs. 0.31 in 2024.

Crescent Jute Products Limited is currently implementing a closure plan approved by its Board of Directors and shareholders, which involves the disposal of assets and a future business plan. However, the company lacks the necessary funds to pursue the future business plan, and any potential opportunities will be presented to shareholders for approval.