Faisalabad: Chenab Limited has reported a significant increase in losses for the half-year ending December 31, 2023, as revealed in its unaudited financial results. The Board of Directors, in a meeting held on December 3, 2024, at the company's registered office in Faisalabad, announced no cash dividend, bonus shares, right shares, or any other entitlements for the period.

The company's financial results showed that operating expenses, including selling, distribution, administrative, and finance costs, amounted to 1,579.58 million rupees for the half-year ended December 31, 2023. This is a decrease compared to 1,626.55 million rupees in the same period of 2022.

Sales for the half-year ending December 31, 2023, stood at 234.63 million rupees, a substantial increase from 60.20 million rupees reported in the same period the previous year. However, the cost of sales also rose to 187.66 million rupees from 113.32 million rupees, resulting in a gross loss of 46.97 million rupees, compared to a gross loss of 173.53 million rupees in 2022.

Other income for the period was 51.56 million rupees, up from 10.83 million rupees in 2022. Despite this, the loss before taxation increased to 323.33 million rupees from 230.57 million rupees in the previous year. After accounting for a provision for taxation of 18.14 million rupees, the net loss for the period reached 352.74 million rupees, compared to 343.89 million rupees in 2022.

According to information available from the Pakistan Stock Exchange (PSX), the loss per share for Chenab Limited for this period was recorded at 153.81 rupees, a rise from the previous year's loss per share of 352.74 rupees.

The company has confirmed that it will transmit the quarterly report through PUCARS within the specified timeframe and will distribute printed accounts to members of the exchange in due course.