Lahore: The fiscal year ending June 30, 2024, has been challenging for Diamond Industries Limited, as evidenced by their latest financial disclosure to the Pakistan Stock Exchange. The company reported a significant decline in profitability and a negative earnings per share.

In the year ended June 30, 2024, Diamond Industries achieved sales totaling PKR 959.92 million, a slight decrease from the previous year's figure of PKR 925.96 million. Despite a marginal reduction in the cost of raw materials, which amounted to PKR 925.96 million, down from PKR 959.92 million the previous year, gross profit saw a minimal increase, standing at PKR 33.97 million compared to PKR 34.00 million in 2023.

Administrative expenses rose to PKR 23.73 million, up from PKR 20.78 million, while selling and distribution expenses escalated dramatically to PKR 63.52 million from PKR 42.73 million. This significant increase in operational costs contributed to an operational loss of PKR 11.50 million, more than quadruple the loss reported in the previous year, which was PKR 26.47 million. According to information available from the Pakistan Stock Exchange (PSX), other income increased from PKR 3.08 million to PKR 12.23 million, providing some financial relief.

Finance costs were markedly reduced, recorded at just PKR 22,116, a substantial decrease from the previous year's PKR 372,253. However, this reduction could not offset the overall downward trend, as the company reported a loss before taxation of PKR 11.48 million, an improvement over last year’s PKR 27.11 million loss.

Tax expenses also decreased, with current and deferred taxes summing up to PKR 12.75 million, down from PKR 16.54 million. After accounting for taxes, the net loss stood at PKR 24.23 million, an improvement compared to the net loss of PKR 43.65 million in the previous year. The earnings per share were negative PKR 2.69, compared to negative PKR 4.85 in 2023.

The board of directors announced no dividends, bonus shares, or rights shares for the shareholders this year. Additionally, the annual general meeting is scheduled for October 26, 2024, with the share transfer books to remain closed from October 19 to October 26, 2024.