Rawalpindi: Frontier Ceramics Limited announced its financial results for the fiscal year ended June 30, 2024, following a board meeting held on October 7, 2024, at the company’s headquarters in Rawalpindi. The company reported a significant decline in revenue and a loss for the second consecutive year, reflecting ongoing challenges in the manufacturing sector.
According to information available from the Pakistan Stock Exchange (PSX), Frontier Ceramics’ net sales for the year totaled PKR 3.42 billion, down from PKR 4.12 billion in the previous year. Despite efforts to control costs, the company reported a cost of sales of PKR 3.35 billion, leaving a gross profit of PKR 72.59 million, a notable decrease from PKR 103.35 million in 2023.
The company’s distribution costs for the year amounted to PKR 15.65 million, while administrative expenses totaled PKR 46.82 million. Operating profit stood at PKR 6.19 million, a sharp contrast to the PKR 41.99 million operating loss recorded in the prior fiscal year. Finance costs increased significantly, amounting to PKR 143.18 million, exacerbating the overall losses.
The company’s loss before taxation stood at PKR 98.93 million, further deepened by a minimum tax differential of PKR 26.01 million, resulting in a total loss before tax of PKR 124.94 million. After accounting for a taxation expense of PKR 15.03 million, the net loss for the year was PKR 109.91 million, compared to the PKR 153.47 million loss recorded in 2023.
Frontier Ceramics’ loss per share was reported at PKR 2.90, an improvement from the PKR 4.05 loss per share reported in the previous fiscal year.