Karachi: Aisha Steel Mills Limited (ASML) has announced its financial results for the year ended June 30, 2024. The board of directors, meeting on September 30, 2024, in Karachi, disclosed no cash dividends, bonus shares, or rights shares for the fiscal year.

The company reported revenues of PKR 42.75 billion from contracts with customers for the fiscal year 2024, up from PKR 31.10 billion in 2023, marking a significant increase in sales. According to information available from the Pakistan Stock Exchange (PSX), the gross profit for the year stood at PKR 3.83 billion compared to PKR 2.01 billion the previous year. However, despite the rise in revenues, the company faced a net loss of PKR 132.47 million for the year, improving from a loss of PKR 3.22 billion in 2023.

Operating profits were recorded at PKR 2.82 billion, boosted by lower other expenses which significantly decreased from PKR 2.80 billion in 2023 to just PKR 5.99 million. The financial burden remained heavy with finance costs amounting to PKR 3.86 billion, only slightly above the previous year's PKR 3.64 billion.

No significant corporate actions or price-sensitive information were announced aside from the financial results. The company also confirmed that the Annual General Meeting is scheduled for October 28, 2024, at Karachi, with the Share Transfer Books to be closed from October 21 to October 28, 2024.

The annual report will be available via PUCARS at least 21 days prior to the AGM. Loss per share has decreased from PKR 3.56 to PKR 0.26, indicating a reduction in the loss magnitude per share held.