Karachi: Dewan Salman Fibre Limited announced its financial results for the first quarter ending September 30, 2024, revealing a significant turnaround from the previous year. The company's Board of Directors, in a meeting held on November 26, 2024, declared no cash dividend, bonus shares, right shares, or any other corporate actions for the quarter.

The financial report highlighted a notable improvement in the company's profitability. For the quarter, Dewan Salman Fibre Limited recorded a profit after taxation of 242.92 million rupees, a substantial recovery from a loss of 124.45 million rupees in the same period last year. The earnings per share improved to 0.66 rupees from a loss of 0.34 rupees per share a year ago.

According to information available from the Pakistan Stock Exchange (PSX), the company's cost of sales decreased to 760.00 million rupees from 1.03 billion rupees, contributing to a reduction in gross loss to 760.00 million rupees from a loss of 1.03 billion rupees in the corresponding quarter of the previous year. Administration expenses saw a slight increase to 9.81 million rupees from 8.86 million rupees.

The operating loss narrowed to 862.59 million rupees from 1.12 billion rupees, while finance costs significantly decreased to 43.61 million rupees from 404.06 million rupees. Other income climbed to 322.07 million rupees compared to 10.06 million rupees in the previous year, playing a crucial role in the improved financial performance. The profit before income tax and levies stood at 231.45 million rupees, a remarkable shift from the loss of 142.37 million rupees reported last year.

Taxation for the quarter was 11.47 million rupees, down from 17.93 million rupees in the same period in 2023. The company's quarterly report will be transmitted through PUCARS separately within the specified time frame.