Lahore: Service Industries Textiles Limited (SITL) released its annual financial results for the year ended June 30, 2024, reporting a net loss despite an increase in sales. The Lahore-based textile manufacturer recorded sales of Rs. 1.341 billion, up from Rs. 1.052 billion in the previous year.

The company disclosed a net loss of Rs. 100.64 million, an improvement from last year’s Rs. 157.92 million loss. The financial strain was attributed to significantly high energy costs and the depreciation of the Pakistani rupee, which adversely affected the operating expenses and profitability. According to information available from the Pakistan Stock Exchange (PSX), SITL has been grappling with regionally uncompetitive energy prices, which are more than double the regional average for industrial power tariffs.

During the 63rd Annual General Meeting held at the company's head office on Empress Road, shareholders discussed the annual audited accounts and reappointed M/s Crowe Hussain Chaudhury and Co. as the statutory auditors for the fiscal year ending June 30, 2025. Despite the challenging conditions, the company's management remains committed to operational improvements, including plans to incorporate solar energy to mitigate energy costs.

No dividends were declared for the year as the company continues to navigate economic pressures and stabilize its financial position. Service Industries Textiles also highlighted the enhancement of its internal audit functions and the ongoing commitment to corporate governance standards.