Hyderabad: Fateh Industries Ltd. announced a notable decrease in its financial results for the fiscal year ended June 30, 2024. The details were disclosed during the board meeting on September 26, 2024, in Hyderabad, illustrating a challenging economic environment for the company.

In the fiscal year that concluded on June 30, 2024, Fateh Industries Ltd. reported sales of 13,659.27 million rupees, a decrease from the previous year's 16,494.80 million rupees. The cost of sales stood at 13,147.75 million rupees, leading to a gross profit of 511.52 million rupees, down from 542.02 million rupees in 2023. According to information available from the Pakistan Stock Exchange (PSX), administration expenses increased slightly to 1,269.28 million rupees, contributing to an operating loss of 757.76 million rupees.

The company managed to offset some financial challenges with other income totaling 4,078.74 million rupees, primarily from foreign exchange gains which marked a significant recovery to 1,007.44 million rupees, compared to a loss of 7,095.59 million rupees the previous year. Despite these gains, the net result was a loss before taxation of 1,408.34 million rupees, an improvement from the 5,646.17 million rupee loss in 2023.

After accounting for revenue tax credits and other adjustments, the net loss for the year was reported at 1,931.99 million rupees. The loss per share has improved slightly to -0.97 from -2.82 in the previous year. Additionally, the company reported an unrealized gain on investment re-measurement of 382.23 million rupees, which did little to offset the total comprehensive loss for the year of 1,549.76 million rupees.

Looking ahead, the Annual General Meeting of Fateh Industries Ltd. is scheduled for October 28, 2024, at the company's registered office in Hyderabad. The company will close its share transfer books from October 22 to 28, 2024, with transfers received at the close of business on October 21 in Karachi processed in time for eligibility. The annual report will be transmitted through PUCARS at least 21 days before the AGM.