Karachi, Dewan Farooque Motors Limited, one of Pakistan's leading automotive companies, has announced significant financial losses for the fiscal year ending June 30, 2023. The company's Board of Directors convened on September 26, 2023, in Karachi, Pakistan, and recommended various actions in light of the financial results.
The financial performance of Dewan Farooque Motors Limited for the fiscal year 2023 indicates a challenging year for the company. The key financial figures are as follows:
Gross Sales: PKR 212,000 (2023) vs. PKR 169,000 (2022)
Sales Tax Net Sales: PKR -32,000 (2023) vs. PKR -25,000 (2022)
Cost of Sales: PKR 180,000 (2023) vs. PKR 144,000 (2022)
Gross Loss: PKR -141,428,000 (2023) vs. PKR -83,273,000 (2022)
Operating Expenses: PKR -141,248,000 (2023) vs. PKR -83,129,000 (2022)
Operating Loss: PKR -14,788,000 (2023) vs. PKR -25,477,000 (2022)
Finance Cost: PKR -181,513,000 (2023) vs. PKR -98,134,000 (2022)
Provision for Obsolescence of Slow-Moving Stocks: PKR -40,378,000 (2023) vs. PKR -70,735,000 (2022)
Loss Before Taxation: PKR -221,891,000 (2023) vs. PKR -168,869,000 (2022)
Loss After Tax: PKR -230,803,000 (2023) vs. PKR -176,823,000 (2022)
Basic/Diluted (Loss) per Share: PKR -1.73 (2023) vs. PKR -1.33 (2022)
Furthermore, the company's auditor has modified their report regarding Dewan Farooque Motors Limited's going concern and non-provisioning of mark-up.
In response to these financial challenges, the Board of Directors will recommend various actions at the upcoming Annual General Meeting scheduled for October 26, 2023, in Karachi, Pakistan. The recommendations include:
Cash Dividend: Nil
Bonus Shares: Nil
Right Shares: Nil
Any Other Entitlement/Corporate Action: Nil
Any Other Price-Sensitive Information: Nil
Shareholders are urged to attend the Annual General Meeting, where these recommendations will be discussed and voted upon. Additionally, the Share Transfer Books of the company will be closed from October 19, 2023, to October 26, 2023, both days inclusive, in preparation for the meeting.