Karachi: Habib Rice Products Ltd has released its unaudited financial statements for the half-year ending December 31, 2024, showcasing significant financial losses. The company's Board of Directors approved the publication of these results during a meeting held on February 20, 2025.

According to the financial results, Habib Rice Products Ltd reported a net turnover of 1.05 billion rupees for the half-year ending December 31, 2024, a decrease from 1.40 billion rupees in the same period of the previous year. The cost of sales was 966.82 million rupees, down from 1.36 billion rupees, resulting in a gross profit of 78.62 million rupees, up from 31.40 million rupees in the previous year.

The company faced substantial expenses, with distribution costs amounting to 62.66 million rupees and administrative expenses totaling 74.60 million rupees. Despite these challenges, Habib Rice Products Ltd recorded other income of 5.16 million rupees. However, finance costs were noted at 4.09 million rupees.

The financial results further revealed a loss before levies and income tax of 57.56 million rupees, compared to a loss of 79.35 million rupees in the previous year. After accounting for levies of 12.47 million rupees, the loss before income tax stood at 70.03 million rupees. Taxation for the period was 9.92 million rupees, resulting in a net loss of 79.95 million rupees, a slight improvement from the net loss of 98.00 million rupees previously recorded.

According to information available from the Pakistan Stock Exchange (PSX), the loss per share was reported at 2.00 rupees, in contrast to the previous year's 2.45 rupees.

In terms of cash flows, the company reported a net cash generation of 8.17 million rupees from operating activities, while investing activities resulted in a cash outflow of 6.67 million rupees. Financing activities contributed to a cash outflow of 0.57 million rupees. Consequently, the net increase in cash and cash equivalents was 0.93 million rupees, bringing the total to 101.66 million rupees at the end of the period.

The financial results were accompanied by additional documents, including the Statement of Financial Position, Statement of Changes in Equity, and Statement of Cash Flow. The company plans to transmit its Half Yearly Report through PUCARS separately, adhering to the specified timeline.

The designated market category for Habib Rice Products Ltd remains unchanged.