Karachi: Ideal Spinning Mills Ltd. has disclosed its financial results for the fiscal year ended June 30, 2024, showing a considerable decline in profitability despite a reduction in costs. According to the data shared in a board meeting on September 30, 2024, the company reported a net loss after taxation of 322.24 million rupees, an improvement from the previous year's loss of 554.07 million rupees.

According to information available from the Pakistan Stock Exchange (PSX), the financial statements reveal a drop in revenue from contracts with customers from 6.86 billion rupees in 2023 to 5.56 billion rupees in 2024. The cost of sales also saw a decrease, resulting in a gross profit of 207.97 million rupees, compared to 191.00 million rupees in 2023.

Despite reductions in distribution and administrative expenses, other financial burdens such as finance costs and levies continued to impact the overall financial health of the company. The finance costs were recorded at 179.56 million rupees, down from 283.70 million rupees the previous year, while the levy imposed on the company amounted to 69.46 million rupees.

The board of directors confirmed that no dividends, right shares, or bonus shares will be issued this year. This decision reflects the company’s strategy to stabilize finances and focus on recovery. Shareholders are invited to attend the 36th Annual General Meeting in Karachi on October 28, 2024, with the share transfer books remaining closed from October 19 to October 28, 2024.