Lahore: Ittefaq Iron Industries Ltd. has announced its financial results for the year ending June 30, 2024, revealing a significant loss of Rs. 821.69 million, compared to a Rs. 94.46 million loss in 2023. The company's sales plummeted to Rs. 2.27 billion from Rs. 8.28 billion in the previous year, reflecting a substantial decrease in revenue.

According to the company’s financial statement, the cost of sales for 2024 amounted to Rs. 2.91 billion, surpassing the company's total net sales for the year. This resulted in a gross loss of Rs. 635.22 million, compared to a gross profit of Rs. 142.39 million in 2023. The statement also indicated a decrease in other operating income, which fell from Rs. 24.12 million in 2023 to Rs. 18.16 million in 2024.

The company’s expenses, including distribution and selling costs of Rs. 53.70 million and administrative and general expenses of Rs. 117.84 million, further contributed to the financial strain. Finance costs rose to Rs. 88.02 million from Rs. 75.47 million the previous year, further widening the losses.

Ittefaq Iron Industries also reported no cash dividend, bonus shares, or right shares for the fiscal year 2024, as per the Board of Directors' decision in the meeting held on September 30, 2024. "According to information available from the Pakistan Stock Exchange (PSX)," the company’s profit before taxation stood at a loss of Rs. 884.01 million, a sharp decline from Rs. 145.42 million in the prior year.

The loss per share for the year was reported at Rs. 5.69, a notable increase from the loss of Rs. 0.65 in 2023. No specific price-sensitive information or entitlements for shareholders was announced, and the share transfer books remain closed as per the company's policy.