Karachi: Diamond Industries Ltd. has officially announced the permanent closure of its foam manufacturing business, following an indefinite suspension that began on January 10, 2023. The company's Board of Directors presented the unaudited quarterly financial statements for the quarter ending March 31, 2025, revealing an increase in losses compared to the same period last year.

According to the report, the company recorded a loss after taxation of Rs. (4.41) million during the quarter, in contrast to a loss of Rs. (3.72) million in the corresponding quarter ending on March 31, 2024. The decision to cease operations permanently was attributed to the factory's remote location, making continued manufacturing unfeasible. The company is now exploring the possibility of developing new, innovative products using its existing land, buildings, and infrastructure.

The report also highlighted that the management is contemplating new business ventures through market penetration. However, the challenging economic conditions present significant hurdles, and the company remains vigilant in monitoring the situation to potentially revive business activities in the future.

The earnings per share for this period stood at Rs. (0.49), compared to Rs. (0.41) during the same quarter last year. The company is also involved in ongoing litigation with the Customs Authorities, FBR, SECP, Stock Exchanges, and others. According to information available from the Pakistan Stock Exchange (PSX), there has been no change in the status of these disputed matters, which are being contested vigorously at the appropriate forums.

Despite the challenging circumstances, the Board of Directors extended gratitude to the staff, workers, and all stakeholders for their unwavering support, as Diamond Industries Ltd. assesses potential new directions for its business operations.