Lahore: Kohinoor Spinning Mills Limited, a major textile manufacturer, reported a significant increase in its financial losses for the fiscal year ended September 30, 2024, according to a formal communication to the Pakistan Stock Exchange. The company highlighted that no dividends would be issued due to these results.

On October 30, 2024, the Board of Directors of Kohinoor Spinning Mills Limited acknowledged the challenging conditions under which the company operated, which reflected in their financial outcomes. For the year ending September 30, 2024, the company recorded an operational loss of 39.12 million rupees, a worsening situation compared to the previous year’s loss of 40.07 million rupees.

The financial statement detailed that administrative costs remained the same year-over-year, maintaining at 39.12 million rupees. Interest and similar charges painted a bleak picture as well, with the company incurring 5.32 million rupees, despite a slight improvement from 5.81 million rupees the previous year. Additional income from other operations slightly improved, bringing in 2.18 million rupees compared to 1.70 million rupees in 2023.

Taxation for the current period amounted to 93,750 rupees, significantly lower than the 510,375 rupees from the previous year. This adjustment did little to offset the total loss after taxation, which stood at 37.03 million rupees for 2024, increased from 32.88 million rupees in 2023.

According to information available from the Pakistan Stock Exchange (PSX), the loss per share also reflected the deteriorating financial health of Kohinoor Spinning Mills, with a loss of 0.09 rupees per share in 2024 compared to a loss of 0.15 rupees per share in the previous year.

The company's performance this year marks a troubling trend, indicating increased financial strain despite maintaining operational costs, and highlights the broader challenges faced in the textile sector amid economic pressures.