Karachi: Asim Textile Mills Ltd., a major player in the textile industry, has reported a significant rise in revenue for the fiscal year ending June 30, 2024. According to a document released to the Pakistan Stock Exchange, the company's net sales soared to Rs 1.81 billion, a drastic increase from Rs 354.87 million in the previous year.

Despite the revenue jump, the company faced a gross loss of Rs 23.28 million in 2024, compared to a Rs 31.26 million loss in 2023. Operating expenses also saw a minor decrease, with distribution costs and administrative expenses totaling Rs 41.98 million and Rs 1.54 million respectively.

Loss from operations expanded to Rs 67.13 million in 2024 from Rs 73.84 million in 2023. The financial costs for the company increased slightly, while other income contributed Rs 30.98 million. The overall pre-tax loss amounted to Rs 62.89 million, an improvement from the previous year's Rs 45.74 million.

According to information available from the Pakistan Stock Exchange (PSX), the net loss for Asim Textile Mills in 2024 was Rs 26.56 million, which marks an improvement compared to a loss of Rs 29.51 million in 2023. This fiscal year, the company managed to reduce its income tax expense to Rs 32.19 million from Rs 16.23 million.

The Annual General Meeting of Asim Textile Mills is scheduled to take place at the JK House in Faisalabad on October 28, 2024, with book closures from October 21 to 28, inclusive. The management has requested that these financial results be circulated among members of the stock exchange accordingly.