Karachi: Dewan Farooque Spinning Mills Limited announced its financial results for the first quarter ending on September 30, 2024, revealing a significant increase in losses compared to the same period last year. The company reported a net loss of 89.10 million rupees, up from 63.38 million rupees in the previous year, as detailed in a statement following a board meeting held on November 26, 2024.

The company recorded net sales revenue of 70.58 million rupees, with a substantial increase in cost of sales to 155.33 million rupees, resulting in a gross loss of 84.75 million rupees. Operating expenses also rose, totaling 10.85 million rupees, compared to 9.44 million rupees in the previous year. The operating loss escalated to 95.61 million rupees from 69.64 million rupees last year.

According to information available from the Pakistan Stock Exchange (PSX), Dewan Farooque Spinning Mills experienced minimal financial relief from other income, which amounted to 1.76 million rupees. The finance cost slightly increased to 45,526 rupees, contributing to a loss before taxation of 93.90 million rupees.

After accounting for net taxation of 5.68 million rupees, the company's loss after taxation stood at 89.10 million rupees. The basic and diluted loss per share increased to 0.91 rupees from 0.65 rupees in the previous year. The company declared no cash dividend, bonus shares, right shares, or any other corporate actions for the period.

The quarterly report for the period ended September 30, 2024, will be transmitted through PUCARS separately within the specified time.