Karachi: KSB Pumps Company Limited announced its financial results for the first half of the year ended June 30, 2024. The company recorded a loss, reversing the profit observed in the same period last year.

According to information available from the Pakistan Stock Exchange (PSX), the meeting of the Board of Directors of KSB Pumps was held at 12:15 p.m. on August 22, 2024, where they approved the financial outcomes for the half-year. For the period from January to June 2024, the company reported a total sales figure of Rs. 2,437.72 million, down from Rs. 2,885.88 million in the corresponding period of 2023.

The cost of sales for the first half of 2024 was Rs. 1,955.77 million, compared to Rs. 2,371.67 million in 2023, resulting in a gross profit of Rs. 481.95 million, which is lower than last year's Rs. 514.21 million. The company faced increased distribution and marketing expenses, administration expenses, and higher finance costs which significantly impacted the profitability.

The profit from operations stood at Rs. 40.43 million for the first six months of 2024, sharply down from Rs. 161.74 million in 2023. Additionally, finance costs increased to Rs. 214.24 million in 2024 from Rs. 159.67 million in the previous year, further diminishing earnings.

The company recorded a loss before levy and taxation of Rs. 162.61 million in the first half of 2024, a stark contrast to a profit of Rs. 36.90 million during the same period in 2023. After accounting for taxes, the net loss for the period was Rs. 169.53 million, compared to a net profit of Rs. 11.43 million last year.

Earnings per share also reflected this downturn, with a basic and diluted loss per share of Rs. 12.84 for the first half of 2024, against an earnings per share of Rs. 0.87 in 2023.