Karachi: Globe Textile Mills Limited reported financial losses in its third quarter for the period ending March 31, 2024. The company, which operates in the textile sector, disclosed a net loss of Rs. (2.98) million, both before and after taxation.

The company's financial performance during this period was negatively impacted by depreciation charges and fixed overhead payments. Despite these challenges, the directors expressed appreciation for the employees' dedication, commitment, and loyalty.

According to information available from the Pakistan Stock Exchange (PSX), the company's financial results reflect a continuous struggle within the textile sector, as they work to manage costs and maintain operational efficiency.

The directors emphasized their commitment to navigating through the financial challenges and expressed confidence in the workforce's ability to contribute positively to future outcomes. The report does not specify any immediate measures to counteract the losses or potential strategic changes in the company's operations.