Karachi: In a recent board meeting held via video conference on October 4, 2024, Bursheane, a leading company headquartered in Karachi, discussed and approved their annual financial statements for the fiscal year ending June 30, 2024. The meeting highlighted significant financial figures, revealing a challenging year for the company.

According to the details provided, Bursheane's net sales declined from PKR 3.53 billion in 2023 to PKR 2.38 billion in 2024. This downward trend in sales has largely contributed to an increase in the company’s net losses. The annual financial report showcased a gross profit of PKR 137.94 million, down from PKR 151.09 million the previous year. However, the company struggled with higher operational costs, including administrative and distribution expenses totaling PKR 117.65 million and PKR 64.20 million respectively. These costs culminated in a loss of PKR 73.68 million for the year after accounting for taxes, marking an increase in losses from PKR 66.15 million in 2023.

According to information available from the Pakistan Stock Exchange (PSX), Bursheane's financial woes were compounded by a loss per share, which worsened from PKR 2.94 in 2023 to PKR 3.28 in 2024. The financial statements, including unconsolidated and consolidated results, are contained in Annexure-A and Annexure-B, respectively. Furthermore, the company announced that it will not be distributing cash dividends, bonus shares, or rights shares this year, reflecting the financial strains and a cautious outlook for shareholder returns.

The annual report for Bursheane for the year ended June 30, 2024, will be disseminated through PUCARS, ensuring stakeholders are well-informed of the company's fiscal health and future prospects.