Karachi: Globe Textile Mills Limited has reported a net loss of 0.703 million rupees for the third quarter ended March 31, 2023, according to its latest unaudited financial statement.

The company faced financial setbacks primarily due to significant depreciation charges and the cost of managing fixed overheads. These factors contributed to the loss before taxation, which mirrored the net loss figure of 0.703 million rupees after accounting for taxes.

According to information available from the Pakistan Stock Exchange (PSX), the directors expressed their gratitude towards the employees for their dedication and commitment despite the challenging quarter. The leadership's acknowledgment highlights the company's focus on valuing its workforce in times of financial difficulty.

The losses incurred this quarter reflect the ongoing economic challenges faced by the textile industry in Pakistan, characterized by rising operational costs and competitive market pressures.