Karachi: Ansari Sugar Mills Limited has released its financial performance for the period ending September 30, 2023. The company reported a substantial loss after taxation amounting to Rs. 703.24 million, marking a stark increase from last year's loss of Rs. 291.92 million.

The financial statement shows a decrease in net sales from Rs. 967.21 million in 2022 to Rs. 664.35 million in 2023. The cost of sales also dropped, resulting in a gross profit of Rs. 193.55 million compared to Rs. 249.73 million in the previous year.

According to information available from the Pakistan Stock Exchange (PSX), the operating expenses of Ansari Sugar Mills consisted of Rs. 10.19 million in selling and distribution expenses and Rs. 49.36 million in administrative expenses. These contributed to an operating profit of Rs. 134.01 million, a decline from Rs. 191.84 million in 2022.

The significant financial strain was further compounded by finance costs, which surged to Rs. 953.58 million from Rs. 591.85 million the year prior, leading to a loss before taxation of Rs. 819.58 million.

The company did benefit from taxation adjustments, which provided a relief of Rs. 116.34 million, yet the net financial outcome remained a heavy loss. Loss per share also intensified, recorded at Rs. 12.53 compared to Rs. 5.20 in 2022.

Ansari Sugar Mills is facing challenging financial conditions, with increased operational costs and finance charges severely impacting its profitability. This financial statement details a critical period for the company as it navigates these economic pressures.