Karachi: J.A. Textile Mills Ltd. has reported a significant rise in its annual financial losses for the fiscal year ending June 30, 2024. The information, released to the Pakistan Stock Exchange on October 7, 2024, reveals that the company's net sales rose dramatically from 33.65 billion rupees in 2023 to 129.95 billion rupees in 2024, an increase that did not translate to profitability due to a sharp rise in the cost of sales and operating expenses.

According to information available from the Pakistan Stock Exchange (PSX), the cost of sales escalated to 185.56 billion rupees, resulting in a gross loss of 55.61 billion rupees, up from a gross loss of 61.94 billion rupees the previous year. The operating expenses slightly decreased from 17.68 billion rupees in 2023 to 17.64 billion rupees in 2024, with distribution costs and administrative expenses consuming a substantial portion of revenue.

J.A. Textile Mills reported an operating loss before taxation of 74.95 billion rupees, a notable increase from 36.41 billion rupees in 2023. The loss after taxation for 2024 was reported at 60.83 billion rupees, compared to 33.57 billion rupees in the previous year, further stressing the company's financial distress.

The company plans to discuss these results in greater detail at its Annual General Meeting scheduled for October 28, 2024, at its registered office in Faisalabad. The meeting will also include discussions on company strategy moving forward in light of these results.