Karachi: Blessed Textiles Limited has released its financial results for the year ended June 30, 2024, illustrating a notable decline in profitability compared to the previous year. This year's results marked a significant downturn from the company's performance in 2023.

According to information available from the Pakistan Stock Exchange (PSX), Blessed Textiles reported a revenue of Rs 31.82 billion for the year, a substantial increase from Rs 24.16 billion in 2023. However, the cost of sales also rose sharply, reaching Rs 30.60 billion compared to Rs 21.58 billion the previous year, leaving a gross profit of Rs 1.22 billion, down from Rs 2.57 billion in 2023.

The designated market category for these figures falls under the textile sector, where fluctuations in gross profit margins are closely watched by investors for signs of operational efficiency and market conditions. The company's selling and distribution expenses also increased to Rs 484.72 million from Rs 427.92 million, while administrative expenses climbed to Rs 287.99 million from Rs 240.79 million.

Further complicating the financial landscape for Blessed Textiles was a significant finance cost, which more than doubled to Rs 1.99 billion from Rs 997.36 million in 2023, overshadowing other income streams such as reversals for expected credit losses and other income, which totaled Rs 128.52 million. The cumulative effect of rising costs and financial charges resulted in a loss before statutory levies and taxation of Rs 1.41 billion, a stark contrast to a profit of Rs 1.09 billion in the previous year.

Ultimately, after accounting for taxation, the company registered a net loss of Rs 1.71 billion for the year, compared to a net profit of Rs 921.04 million in 2023. Earnings per share plunged to a loss of Rs 265.27, down from a profit of Rs 143.20 per share last year.