Karachi, Towellers Limited has disclosed its financial results for the third quarter and nine months ended March 31, 2024. The company reported that its board of directors, in a meeting held in Karachi on April 26, 2024, did not recommend any cash dividends, bonus shares, rights shares, or any other entitlements or corporate actions.

For the quarter ended March 31, 2024, Towellers Limited recorded net sales of 2,550,378,740 rupees, compared to 1,884,749,659 rupees in the same period last year. The cost of sales for the quarter was 2,307,637,360 rupees, resulting in a gross profit of 242,741,380 rupees. This is a decrease from the gross profit of 605,077,480 rupees reported in the third quarter of 2023.

The company's distribution costs for the quarter were 87,572,967 rupees, while administrative expenses amounted to 139,989,131 rupees. Other operating expenses were 8,764,054 rupees. Overall, the profit from operations stood at 6,415,228 rupees, significantly lower than the 406,901,623 rupees reported in the prior year.

Other income for the quarter was 125,332,330 rupees, with finance costs recorded at 4,963,378 rupees. The profit before taxation for the quarter reached 126,784,180 rupees. After accounting for a taxation provision of 68,404,038 rupees, the profit for the period was 58,380,142 rupees, compared to 412,360,934 rupees in the third quarter of the previous year.

For the nine months ended March 31, 2024, the company reported a profit per share of 39.06 rupees, down from 91.32 rupees in the corresponding period last year.