Faisalabad: J.A. Textile Mills Ltd. has disclosed its financial results for the first quarter ended 30 September 2024, revealing a significant downturn in its financial performance. The company faced substantial losses, with stark contrasts in sales and operational costs compared to the previous year.

For the quarter that concluded on 30 September 2024, J.A. Textile Mills posted a net sales figure of Rs. 139.49 million, a noticeable reduction from last year’s Rs. 48.16 million. However, the cost of sales surged to Rs. 166.27 million, resulting in a gross loss of Rs. 26.78 million, compared to a loss of Rs. 10.05 million in the same quarter the previous year.

The operating expenses for the company also showed a decrease, totaling Rs. 4.12 million against last year's Rs. 4.44 million. The finance cost was minimally reported at Rs. 0.58 million. Other operating income was Rs. 1.16 million, considerably less than the previous year's Rs. 5.06 million.

According to information available from the Pakistan Stock Exchange (PSX), the textile company's loss before tax reached Rs. 31.48 million after accounting for a minimum tax differential and other financial impacts. This figure starkly contrasts with last year's loss before tax of Rs. 10.04 million. The net loss for the period stood at Rs. 30.60 million, which translates to a basic loss per share of Rs. 2.43, compared to last year's Rs. 0.73.

J.A. Textile Mills has requested the circulation of these financial outcomes among the members of the Karachi Stock Exchange, highlighting the challenging quarter faced by the firm amidst fluctuating market conditions. This downturn is indicative of broader trends in the textile industry, which has been grappling with high operational costs and fluctuating demand.