Karachi: Bela Automotives Limited, a notable entity in the automotive industry, has announced its financial results for the half-year ending December 31, 2024. The company’s Board of Directors convened on Thursday, February 6, 2025, at their site in Hub Chowki, Baluchistan, to approve the financial statements, revealing a challenging period marked by substantial losses.
The company reported a gross loss of PKR 2.46 billion for the half-year period, compared to a gross loss of PKR 2.65 billion in the corresponding period last year. The administrative expenses increased to PKR 1.52 billion from PKR 1.20 billion, and other operating expenses remained constant at PKR 66.50 million. As a result, the operating loss for the half-year was recorded at PKR 1.59 billion, up from PKR 1.26 billion in the previous year.
A significant portion of the financial burden stemmed from the finance costs, which stood at PKR 4.00 billion, matching last year’s figures. Consequently, the company reported a pre-tax loss of PKR 8.05 billion, an increase from the previous year’s pre-tax loss of PKR 7.92 billion. The loss per share was noted at PKR 1.39, slightly higher than the PKR 1.37 recorded for the same period in the prior year.
According to information available from the Pakistan Stock Exchange (PSX), the financial disclosures highlighted the ongoing financial strain faced by the company, with no dividends declared in the form of bonus shares, cash, or right shares for the reported period.
The report reflects the ongoing challenges within the automotive sector, with Bela Automotives Limited experiencing intensified financial pressures. The company’s management will need to strategize effectively to navigate these challenges and improve their financial standing in future quarters.