Karachi: Leather Up Limited has disclosed a significant downturn in its financial performance for the year ended September 30, 2024, contrasting sharply with its previous year's profitability.

The company reported sales revenue of Rs. 4.02 million for September 2024, a substantial decrease from Rs. 18.78 million in September 2023. The cost of sales also saw a significant reduction, leading to a gross profit of Rs. 810,107, down from Rs. 2.12 million in the prior year. According to information available from the Pakistan Stock Exchange (PSX), administrative and distribution expenses have been curtailed significantly; however, the firm still posted an operating loss of Rs. 1.20 million, compared to an operating loss of Rs. 3.02 million in September 2023.

The financial statements indicate some recovery efforts with an other income of Rs. 302,791, which is less than the Rs. 1.18 million reported in the previous year. After accounting for minimum tax and final levies, the company faced a profit loss before taxation of Rs. 127,583, showing a reversal from a profit of Rs. 98,611 in 2023.

The net profit/loss after taxation stands at a loss of Rs. 127,583, leading to a basic and diluted loss per share of Rs. 0.02, a downturn from a profit per share of Rs. 0.02 in September 2023. This report underlines the challenges faced by Leather Up Limited in maintaining profitability in a fluctuating market environment.