Karachi: Dewan Farooque Motors Limited has released its half-yearly un-audited condensed interim financial statements for the period ending December 31, 2024, showcasing a striking increase in sales alongside a substantial rise in net losses. The company recorded a net sales figure of 399,559,000 rupees for the half-year ended December 31, 2024, compared to a mere 25,000 rupees during the same period in 2023. This represents an exceptional improvement in sales performance. Despite this, the company reported a major increase in gross loss, amounting to 123,255,000 rupees, up from 94,372,000 rupees in the corresponding period of 2023.

The company experienced a very large or significant move in its net loss, which rose to 232,408,000 rupees, an increase from 140,256,000 rupees in the previous year. Operating expenses also contributed to this downturn, with marketing and distribution expenses escalating to 29,400,000 rupees from 12,537,000 rupees, while administration and general expenses rose to 34,776,000 rupees from 13,281,000 rupees in the same period last year.

According to information available from the Pakistan Stock Exchange (PSX), Dewan Farooque Motors Limited's financial position remains challenging, with ongoing operating losses and other financial strains. The operating loss for the half-year period was recorded at 187,431,000 rupees, a significant increase from 120,190,000 rupees in the previous year's corresponding period. Additionally, the company's finance costs increased slightly from 79,000 rupees to 149,000 rupees.

The statement of financial position as of December 31, 2024, reveals total assets valued at approximately 4.14 billion rupees, up from 3.96 billion rupees as of June 30, 2024. The company's current liabilities, however, weigh heavily on its financial structure, amounting to approximately 8.05 billion rupees, further emphasizing the financial hurdles it faces.

While the company has managed to boost its sales performance significantly, it continues to grapple with escalating costs and deepening losses, marking a complex financial landscape that requires strategic management to navigate in the coming periods.