Lahore: Diamond Industries Limited announced the suspension of its manufacturing operations due to adverse economic conditions and challenges in obtaining raw materials. The Lahore-based company disclosed in its annual report for the fiscal year ending June 30, 2024, a significant downturn in production activities, starting from January 10, 2023.

The company reported an operational loss of Rs. 11.497 million for the year, showing a narrowing from the previous year's loss of Rs. 26.468 million. Despite the suspension, the company has expressed a firm intention not to liquidate its assets nor remain non-operational indefinitely. According to information available from the Pakistan Stock Exchange (PSX), the firm is actively seeking ways to resume operations once conditions stabilize, with full support from its directors and associated undertakings.

In its financial disclosures, Diamond Industries noted zero revenue for the year, compared to Rs. 959.924 million in the previous year. The cessation of sales has been directly tied to the stoppage of production. The company’s gross profit, consequently, also dropped to zero, a stark contrast to the Rs. 33.968 million reported in 2023.

The annual general meeting is scheduled for October 26, 2024, at the company's registered office in Swabi, Khyber-Pakhtoonkhwa, where shareholders are expected to discuss future strategies and appoint auditors for the coming fiscal year.

Diamond Industries has outlined a commitment to navigating the current economic pressures, including fluctuations in the Pakistani Rupee and increases in fuel and power costs, which have squeezed profit margins across the board.

The firm remains optimistic about leveraging its corporate governance framework and the strategic guidance of its board to navigate these turbulent times.