Karachi: The Board of Directors of Dost Steels Limited convened on the 28th of October 2023 in Lahore to discuss the financial outcomes of the company for the period ended 30th September 2023. In a noteworthy development, the board decided against recommending any form of financial entitlements, including bonus shares, cash dividends, and rights issues.

The company's statement of profit or loss and other comprehensive income for the period, which was un-audited, revealed a gross loss of Rs. 17,007,724, a significant increase compared to the same period in 2022, which saw a gross loss of Rs. 14,376,629. Administrative and selling expenses amounted to Rs. 3,351,487, while finance costs soared to Rs. 45,339,216. Ultimately, the company incurred a loss after taxation of Rs. 65,698,427, marking a noticeable increase from the previous year’s loss of Rs. 49,639,404. Consequently, the loss per share increased from Rs. -0.16 in 2022 to Rs. -0.21 in 2023.

In light of these financial results, the Board of Directors resolved not to issue any financial entitlements or other price-sensitive information, underscoring the challenges faced by Dost Steels Limited in the reporting period.