Karachi: Chashma Sugar Mills Limited has announced its financial results for the first quarter ending December 31, 2024, revealing a substantial downturn in performance compared to the previous year. The company's Board of Directors approved the figures during a meeting held on February 25, 2025.

The net sales for the quarter stood at 5.39 billion rupees, a decrease from 6.27 billion rupees recorded in the same period of 2023. The cost of sales rose significantly to 5.32 billion rupees from 4.38 billion rupees in the previous year, resulting in a gross profit of 75.58 million rupees, compared to 1.89 billion rupees in 2023.

Selling and distribution expenses increased to 270.52 million rupees from 236.32 million rupees, while administrative and general expenses amounted to 317.46 million rupees, up from 299.74 million rupees. Other income, however, saw a substantial rise to 490.54 million rupees from 73.84 million rupees last year, with other expenses decreasing to 6,000 rupees from 54.18 million rupees.

The company reported an operating loss of 21.87 million rupees, contrasting sharply with the operating profit of 1.37 billion rupees in the previous year's first quarter. Finance costs rose to 1.05 billion rupees from 677.26 million rupees.

According to information available from the Pakistan Stock Exchange (PSX), Chashma Sugar Mills Limited recorded a loss before revenue and income tax of 1.08 billion rupees, compared to a profit of 692.56 million rupees in the same period last year. A minimum tax levy of 67.41 million rupees was applied, down from 22.47 million rupees.

Loss before income tax was reported at 1.14 billion rupees, a stark contrast to the 670.09 million rupees profit in the previous year. The company benefited from a deferred tax credit of 496.33 million rupees, compared to a tax expense of 122.17 million rupees in the first quarter of 2023.

The net loss for the period amounted to 647.13 million rupees, reversing the profit of 547.93 million rupees from the previous year. Basic and diluted loss per share was reported at 22.55 rupees, a significant decline from the earnings per share of 19.10 rupees last year.

The quarterly report will be submitted electronically through PUCARS, complying with the Pakistan Stock Exchange regulations.