Lahore: Abdullah Shah Ghazi Sugar Mills Limited announced during their board meeting on July 30, 2024, that no dividends, bonus shares, right shares, or other corporate actions would be issued, reflecting a challenging fiscal period ended June 30, 2024. According to information available from the Pakistan Stock Exchange (PSX), the company's financial disclosures indicate significant struggles.
In a detailed report on their financial performance, Abdullah Shah Ghazi Sugar Mills outlined stark contrasts in their financial outcomes over the nine months from October 2023 to June 2024, compared to the same period the previous year. Sales plummeted to 382.82 million rupees from a significantly higher 36.98 million rupees in the previous year. This downturn was mirrored in their quarterly results, with a sharp decline in sales from April to June 2024.
Cost of sales for the nine-month period amounted to 180.50 million rupees, compared to a drastic 778.27 million rupees in the previous year. Similarly, for the three-month period, the costs were recorded at 44.61 million rupees, a decrease from 167.11 million rupees year-over-year.
The financial records reveal a gross loss of 180.50 million rupees for the nine months, worsening from a loss of 395.46 million rupees in the previous period. The quarter saw a gross loss of 44.61 million rupees, an improvement over the 130.13 million rupees loss reported in the corresponding quarter of the previous year.
Operating expenses remained relatively stable with administrative and general expenses reported at 10.18 million rupees for the nine-month period, up from 27.83 million rupees in the previous year. This contributed to an operating loss of 190.68 million rupees, deepening from a loss of 423.28 million rupees in the prior year.
The company also faced a significant finance cost, reporting 132.04 million rupees for the nine months, up from 92.60 million rupees in the prior year. Consequently, the loss before taxation widened to 275.17 million rupees, from a loss of 411.14 million rupees in the previous period.
Taxation charges added to the financial woes, with a tax expense of 28.24 million rupees this year, significantly less than the 134.01 million rupees in the previous year. This led to a net loss after taxation of 246.93 million rupees, slightly improving from a loss of 277.14 million rupees in the previous year.
The earnings per share further illustrate the company’s struggles, deteriorating to a loss of 3.12 rupees per share from a loss of 3.50 rupees per share year-over-year.
Abdullah Shah Ghazi Sugar Mills has made the full account details available on PUCARS and the company website for members of the exchange, underlining their commitment to transparency amidst financial difficulties.