Karachi: Haseeb Waqas Sugar Mills Limited has reported significant losses in its performance for the third quarter ended June 30, 2024. The financial records published today from the company's un-audited condensed interim profit and loss account reflect a troubling trajectory of increasing losses and rising operational costs, highlighting ongoing challenges within the company's operations.

According to the latest figures, the company's cost of goods sold soared to 254.10 million Rupees for the nine months ending June 30, 2024, a sharp increase from 138.63 million Rupees in the same period last year. For the quarter ended June 30, 2024, the cost reached 82.09 million Rupees compared to 64.46 million Rupees in the corresponding quarter of 2023, indicating rising production costs amidst financial turbulence.

Administrative and general expenses have decreased slightly in the quarter, totaling 1.33 million Rupees compared to 17.35 million Rupees in the third quarter of 2023. However, this reduction has not been sufficient to mitigate the overall financial strain on the company. The gross loss for the nine-month period stands at 254.10 million Rupees, continuing from a loss of 138.63 million Rupees in the prior year.

According to information available from the Pakistan Stock Exchange (PSX), Haseeb Waqas Sugar Mills experienced a loss from operations amounting to 266.50 million Rupees over the nine months, and 83.42 million Rupees for the quarter alone, both figures showing a decline from the previous year's operational performance.

The finance cost for the quarter was reported at 124.88 million Rupees, a significant figure that highlights the financial challenges faced in terms of increased borrowing costs or unfavorable financial agreements. Despite a deferred tax relief of 105.72 million Rupees for the quarter, the company still posted a net loss after taxation of 22.26 million Rupees for the quarter, which, although an improvement over last year's loss of 68.07 million Rupees, underscores ongoing profitability issues.

The loss per share has decreased from 2.10 Rupees in the third quarter of 2023 to 0.69 Rupees per share in 2024, suggesting a minor dilution in losses per share despite the overall negative financial performance.