Karachi: Descon Oxychem Limited has disclosed its financial results for the quarter ending September 30, 2024, revealing a mixed financial performance with a notable decrease in net profit compared to the previous year. The details were announced following a board meeting held on October 17, 2024.

The company reported sales of 1,498.76 million rupees for the quarter, a slight increase from the 1,498.40 million rupees during the same period last year. However, the cost of goods sold remained high, totaling 1,116.78 million rupees, leading to a gross profit of 381.98 million rupees. Administrative expenses and distribution costs were managed efficiently, but other operating expenses saw a minor increase. According to information available from the Pakistan Stock Exchange (PSX), the financial costs for the company also decreased, contributing to an operating profit of 275.10 million rupees.

Despite these gains, the profit before taxation fell to 271.71 million rupees, down from 314.72 million rupees in the previous year, marking a decrease of 13.66%. This downturn is attributed to higher taxation expenses which surged significantly. The net earnings per share also decreased from 1.14 rupees to 1.00 rupee.

Descon Oxychem Limited has confirmed that there will be no distribution of cash dividends, bonus shares, or right shares for this period. The consolidated and unconsolidated financial results, along with the company's quarterly report, will be further detailed in documents sent through PUCARS.