Faisalabad: Ashfaq Textile Mills Ltd. has disclosed its financial results for the fiscal year ended June 30, 2024, revealing a considerable annual loss despite a slight increase in sales. According to the company's board meeting held in Faisalabad on September 30, 2024, the results show a challenging fiscal period for the textile firm.

The company reported sales of Rs. 456.65 million for 2024, up from Rs. 335.98 million in the previous year. However, costs of goods sold escalated to Rs. 493.04 million, resulting in a gross loss of Rs. 36.39 million. This compares slightly better to the prior year's gross loss of Rs. 85.13 million, suggesting some cost management despite the overall negative outcome.

According to information available from the Pakistan Stock Exchange (PSX), Ashfaq Textile Mills experienced heightened operational costs, including selling costs of Rs. 2.73 million and administrative expenses amounting to Rs. 36.45 million. The total operational expenses culminated in a loss before taxation of Rs. 69.76 million, deepening to Rs. 75.72 million after accounting for taxation and other levies.

The financial disclosures further indicated a net loss for the year of Rs. 57.85 million, a slight improvement from the Rs. 79.88 million loss recorded in 2023. Despite the persistent financial downturn, the board of directors has not recommended any cash dividends, bonus issues, or right shares, reflecting the company's cautious approach amid financial strain.

The Annual General Meeting (AGM) for Ashfaq Textile Mills is scheduled for October 28, 2024, in Faisalabad, where shareholders are expected to review the year's financial performance in detail. Share Transfer books will remain closed from October 21, 2024, to October 27, 2024, to facilitate the preparations for the AGM.