Faisalabad: Chenab Limited, a textile manufacturing company, has reported a significant improvement in its financial performance for the first quarter of the financial year 2023-2024, ending on September 30, 2023. The company's sales turnover increased by 102.6% to Rs. 788.54 million compared to Rs. 389.14 million in the same period of the previous year.

According to the company's directors, the bottom line also showed improvement, with the net loss after tax reduced to Rs. 45.03 million from the previous year's loss of Rs. 148.49 million for the identical period. The company's sales consist of local and export sales, along with toll manufacturing activities.

The management attributed this positive outcome to a restructuring agreement with banks under a Scheme of Arrangement dated September 14, 2021, and the reversal of a winding-up order by the Lahore High Court on October 29, 2021. Since then, the management has gradually improved the company's operational results despite challenges such as high raw material prices and increased energy and financial costs.

According to information available from the Pakistan Stock Exchange (PSX), the company has been making strides towards achieving healthier operational and financial outcomes through available resources. The directors expressed gratitude towards financial institutions for their support and acknowledged the dedication of the company's employees.

The company declared a dividend per share of Rs. 3.00 for the period under review.