Karachi: Pakistan PVC Limited, a company involved in the manufacturing sector, has reported its condensed interim financial statement for the period ending December 31, 2024. According to the report, the company’s financial position showed slight improvements in certain areas, yet it continues to face significant challenges overall.

The authorized capital of Pakistan PVC Limited remained stable at 150.00 million rupees as of December 31, 2024, unchanged from June 30, 2024. The issued, subscribed, and paid-up capital also held steady at 149.58 million rupees. Despite these stable figures, the company reported an accumulated loss of 417.19 million rupees, a marginal recovery from the 420.32 million rupees recorded at the end of June 2024. The surplus on revaluation of fixed assets also saw a slight decrease to 242.47 million rupees from 245.36 million rupees.

The company's non-current assets, encompassing property, plant, and equipment, decreased from 253.39 million rupees to 250.24 million rupees. Long-term investments, however, increased slightly from 815,845 rupees to 862,567 rupees.

On the liabilities side, current liabilities amounted to 292.94 million rupees, a slight reduction from the previous figure of 294.41 million rupees. This includes trade and other payables totaling 92.76 million rupees and accrued interest or markup amounting to 115.73 million rupees. The provision for taxation, net, decreased significantly from 9.50 million rupees to 4.11 million rupees.

Current assets of Pakistan PVC Limited were recorded at 16.70 million rupees, up from 14.82 million rupees. This increase was attributed to various segments, including trade debts, which saw a decline from 4.14 million rupees to 3.34 million rupees, while loans and advances decreased from 1.10 million rupees to 959,210 rupees.

According to information available from the Pakistan Stock Exchange (PSX), the company's net sales for the half-year ended December 31, 2024, stood at 5.06 million rupees, a slight increase from 4.91 million rupees recorded during the same period in 2023. However, the cost of sales also rose to 18.02 million rupees from 17.85 million rupees, resulting in a gross loss of 12.96 million rupees, marginally higher than the previous year's loss of 12.94 million rupees.

The profit before taxation, after accounting for other income and expenses, showed a marked improvement with a reduction in loss from 6.44 million rupees in December 2023 to 3.73 million rupees in December 2024. After taxation, the profit for the period was 236,576 rupees, down from 3.62 million rupees in the previous year. The earnings per share (basic and diluted) stood at 0.02 rupees, compared to 0.24 rupees in the previous year.

The company’s cash flow from operating activities showed a negative balance, with net cash used amounting to 16.47 million rupees compared to 16.06 million rupees in the previous year. However, cash flows from investing activities generated 16.23 million rupees, closely aligned with the previous year’s figure of 16.68 million rupees. Financing activities also contributed positively, with a net increase of 910,747 rupees compared to a decrease of 548,742 rupees in the prior year. Consequently, the cash and cash equivalents at the end of the period increased to 706,413 rupees from 31,414 rupees at the beginning.

The financial statement highlights ongoing challenges for Pakistan PVC Limited, with slight improvements overshadowed by persistent losses and operational hurdles.