Faisalabad: Chenab Limited announced its financial results for the first quarter ended September 30, 2023, revealing a loss despite a significant increase in sales compared to the same period last year. The Board of Directors, in a meeting held on December 3, 2024, at the company's registered office in Faisalabad, confirmed no cash dividends, bonus shares, right shares, or any other entitlements for the quarter.

The company reported sales of 788.54 million rupees for the quarter, an increase from 389.14 million rupees in the same period last year. The cost of sales amounted to 764.74 million rupees, compared to 439.83 million rupees the previous year, resulting in a gross profit of 23.80 million rupees, a turnaround from a loss of 50.69 million rupees in the first quarter of 2022.

Operating expenses increased significantly, with selling and distribution expenses rising to 28.92 million rupees from 6.74 million rupees, and administrative expenses increasing to 58.82 million rupees from 50.86 million rupees. Other operating expenses also rose, reaching 87.73 million rupees from 57.60 million rupees, leading to an operating loss of 63.94 million rupees, compared to a loss of 108.29 million rupees last year.

According to information available from the Pakistan Stock Exchange (PSX), other income for the quarter was reported at 92.60 million rupees, an increase from 19.41 million rupees in the previous year. However, the finance cost also rose to 65.82 million rupees from 55.65 million rupees.

The loss before taxation was reported at 37.15 million rupees, an improvement from a loss of 144.54 million rupees in the first quarter of 2022. After a provision for taxation of 7.89 million rupees, the company recorded a net loss of 45.03 million rupees, compared to a loss of 148.49 million rupees in the same period last year. The basic and diluted loss per share was 0.39 rupees, compared to 1.29 rupees previously.

The quarterly report for the period ended September 30, 2023, will be transmitted through PUCARS separately, and three copies of the printed accounts will be distributed among the members of the Exchange in due course.