Karachi: Chakwal Spinning Mills Ltd has reported its financial results for the quarter ended September 30, 2024, revealing a significant rise in net loss compared to the same period last year. The Board of Directors, in a meeting held on January 17, 2025, decided against recommending any cash dividend, bonus, or right issue of shares for the third quarter.

The company's gross loss for the quarter stood at 27.97 million rupees, a notable increase from the 9.17 million rupees recorded in the corresponding quarter in 2023. This substantial increase in gross loss was primarily due to the increased cost of sales, which remained unchanged in terms of sales revenue.

Administrative expenses also surged to 1.85 million rupees from 0.71 million rupees in the previous year, contributing to a higher operating loss of 29.82 million rupees, compared to 9.88 million rupees in the third quarter of 2023. However, Chakwal Spinning Mills Ltd reported other income of 0.76 million rupees for the current quarter, which was absent last year.

According to information available from the Pakistan Stock Exchange (PSX), the finance cost was reduced to nil from a minor 441 rupees in the previous year's same quarter. Despite this, the company's loss before taxation escalated to 29.06 million rupees, up from 9.88 million rupees last year.

Chakwal Spinning Mills Ltd did not incur any tax expenses for the quarter, resulting in a net loss identical to the loss before taxation — 29.06 million rupees, compared to 9.88 million rupees for the same period in 2023. Consequently, the loss per share, both basic and diluted, increased to 0.24 rupees from 0.08 rupees.

The company assured stakeholders that the printed financial statements would be distributed through email and PUCAR to the members of the Exchange, marking an important step in maintaining transparency and communication with its investors and stakeholders.