Karachi, Dewan Automotive Engineering Limited (DAEL) has released its financial results for the year ended June 30, 2023, along with several important announcements. The company's Board of Directors met on September 26, 2023, to discuss various recommendations and corporate actions.

The financial results for 2023 reveal a challenging year for DAEL, with a net sales figure of -PKR 15,513,000, reflecting a significant decrease from the previous year's figure of -PKR 16,699,000. The company reported a gross loss of -PKR 15,513,000, highlighting the financial difficulties it faced during the year.

Operating expenses for 2023 were -PKR 10,683,000, compared to -PKR 2,584,000 in 2022. The operating loss stood at -PKR 26,196,000. Despite this, DAEL managed to generate some income from other sources, amounting to PKR 1,092,000, but this was offset by finance costs of -PKR 61,767,000. The company reported a loss before taxation of -PKR 86,871,000 and a net taxation figure of PKR 1,785,000, resulting in a total loss for the year of -PKR 85,086,000. The loss per share, both basic and diluted, was reported at -PKR 3.98.

The auditors have expressed an adverse opinion on the going concern assumption used in the preparation of the financial statements, indicating significant concerns about DAEL's ability to continue its operations in the foreseeable future.

In addition to the financial results, DAEL announced that its Annual General Meetings will be held on October 26, 2023, in Karachi, Pakistan. Furthermore, the Share Transfer Books of the company will be closed from October 19, 2023, to October 26, 2023, inclusive, to facilitate administrative processes related to the upcoming meetings.

The future of Dewan Automotive Engineering Limited remains uncertain, as it grapples with challenging financial conditions and an adverse opinion from its auditors. Shareholders and stakeholders will closely watch for any further developments and corporate actions as the company navigates these difficult times.