Karachi: Dewan Sugar Mills Limited has announced its financial results for the first quarter ending December 31, 2024, revealing a substantial downturn in financial performance. The Board of Directors convened on January 28, 2025, at 4:00 pm in Karachi, Pakistan, to review the company's financial statements. The meeting concluded with the decision not to declare any cash dividends, bonus shares, right shares, or any other entitlements and corporate actions for the period.
The un-audited financial results highlighted a significant decrease in sales, with net sales figures dropping to 271.26 million rupees from the previous year's 758.05 million rupees for the same period. This decline in sales led to a gross loss of 321.52 million rupees, a stark contrast to the gross profit of 33.33 million rupees reported in the first quarter of the previous year.
Administrative and general expenses were recorded at 16.98 million rupees, a decrease from 23.78 million rupees in the prior year. Meanwhile, distribution and selling costs also saw a reduction, coming in at 8.07 million rupees compared to 34.56 million rupees in the previous year. Despite these reductions in operating expenses, the company faced a loss from operations amounting to 345.25 million rupees, significantly higher than the 29.36 million rupees loss reported last year.
Finance costs remained relatively stable at 13.98 million rupees, only slightly lower than the previous year's 14.06 million rupees. The loss before tax and levies stood at 359.23 million rupees, compared to 43.42 million rupees from the same period last year. After accounting for levies and taxation, the company reported a loss after tax of 333.08 million rupees, compared to a 32.29 million rupees loss for the first quarter of the previous year. The basic loss per share was reported at 3.64 rupees, a significant increase from the 0.35 rupees loss per share in the prior year.
According to information available from the Pakistan Stock Exchange (PSX), Dewan Sugar Mills Limited has faced a challenging start to the fiscal year, with external market conditions and internal cost structures impacting overall performance. The designated market category remains unchanged as the company navigates these financial difficulties.
The company has announced that its quarterly report for the period ending December 31, 2024, will be transmitted through PUCARS within the specified timeframe. Stakeholders and investors are advised to review the detailed report for further insights into the financial and operational aspects of the company's performance during this period.