Karachi: Khyber Textile Mills Limited has released its financial statements for the year ended June 30, 2024, revealing a continued decline in profitability amidst challenging market conditions.

The company's sales decreased to PKR 18.35 million in 2024 from PKR 27.10 million in 2023, while cost of sales saw a reduction to PKR 13.31 million from PKR 19.43 million, according to the detailed financial disclosures. Despite the lower costs, the gross profit shrank to PKR 5.04 million from PKR 7.68 million year over year.

According to information available from the Pakistan Stock Exchange (PSX), administrative and other operating expenses have further strained the company's financials. Administrative expenses stood at PKR 16.94 million, slightly below the previous year's PKR 15.86 million. Other operating expenses also decreased minimally from PKR 583,290 to PKR 585,720.

Financial expenses related to bank charges were reported at PKR 8,880, a significant decrease from the PKR 3,784 reported in 2023. However, the fair value remeasurement adjustments for biological assets have been noted as PKR 410,781, less than the previous year's adjustment of PKR 1.32 million.

Other operating income, which includes rental income, increased to PKR 6.94 million from PKR 5.43 million, and agriculture income rose slightly to PKR 213,800 from PKR 124,500.

Despite these gains, the company recorded a net loss of PKR 4.66 million for the year, compared to a loss of PKR 3.92 million in 2023. Earnings per share also deteriorated from a loss of PKR 3.19 to PKR 3.80.