Lahore: Kohinoor Textile Mills Ltd, a prominent player in the textile industry, has reported a decline in profits for the quarter ending September 30, 2024. The company's Board of Directors, in a meeting held on October 24, 2024, announced that no cash dividends, bonus shares, or any other corporate actions will be taken during this period.

The consolidated financial results for the quarter revealed that the company’s revenue decreased slightly to 30,857.92 million rupees from 31,115.74 million rupees in the same quarter of the previous year. The cost of sales also rose to 23,360.52 million rupees from 22,961.98 million rupees, resulting in a gross profit of 7,497.40 million rupees, down from the previous year’s 8,153.77 million rupees.

The company faced increased distribution costs of 1,874.00 million rupees compared to 1,532.09 million rupees last year, and administrative expenses rose to 1,200.81 million rupees from 757.62 million rupees. Other expenses decreased to 354.74 million rupees from 625.48 million rupees. The earnings per share were recorded at 8.10 rupees, a drop from 8.34 rupees in the previous year.

According to information available from the Pakistan Stock Exchange (PSX), the standalone un-consolidated results for Kohinoor Textile Mills Ltd showed revenue growth to 15,139.92 million rupees from 14,440.99 million rupees in the same quarter last year. However, the cost of sales also increased to 12,711.69 million rupees from 11,696.03 million rupees, resulting in a gross profit of 2,428.23 million rupees, down from 2,744.97 million rupees.

Distribution costs rose to 526.80 million rupees from 380.88 million rupees, and administrative expenses were up to 344.07 million rupees from 293.29 million rupees. Despite a decrease in other expenses to 43.92 million rupees from 94.06 million rupees, the profit from operations fell to 1,513.44 million rupees from 1,976.74 million rupees. The profit after taxation stood at 517.59 million rupees, significantly lower than the previous year’s 982.49 million rupees, with earnings per share dropping to 1.92 rupees from 3.41 rupees.

The company has announced that the quarterly report for the period ended September 30, 2024, will be made available through PUCARS within the specified time.