Karachi: Fateh Industries Limited has reported a significant decline in its financial results for the first quarter ended September 30, 2024. The company's sales plummeted to 171.45 million rupees from 4,141.84 million rupees during the same period last year, indicating a drastic downturn in revenue.

According to information available from the Pakistan Stock Exchange (PSX), the gross profit for the quarter stood at 11.84 million rupees, a stark contrast to the 168.54 million rupees recorded in the previous year. Administrative expenses also saw a decrease, totaling 1,453.08 million rupees compared to 253.24 million rupees a year ago.

The company's financial woes are further illustrated by its operating loss of 1,441.24 million rupees, a reversal from the previous year's 84.71 million rupee loss. Additionally, Fateh Industries faced an exchange loss of 719.61 million rupees, compounded by an other income of 710.60 million rupees.

Net loss before taxation stood at 1,451.31 million rupees, dramatically lower than the previous year's profit of 618.56 million rupees. After accounting for taxes, the net loss mirrored the pre-tax figure, maintaining at 1,451.31 million rupees.

Other comprehensive income for the year noted an unrealized gain of 114.71 million rupees on reevaluation of investments, compared to 24.61 million rupees in the previous year. Total comprehensive loss for the period was substantial, at 1,336.61 million rupees, marking a significant downturn from the prior year's profit of 643.17 million rupees.

The earnings per share also reflected this downturn, with a loss of 0.73 rupees per share compared to a gain of 0.31 rupees per share the previous year. According to the company's report, these figures have been transmitted through PUCARS separately within the specified time.