Multan: Maqbool Textile Mills Limited has reported a notable decline in its financial performance for the first quarter ended September 30, 2024, with a substantial drop in both sales and net profit compared to the same period last year. The Board of Directors, in a meeting held on November 27, 2024, in Multan, announced no cash dividend, bonus shares, or right shares for the quarter.

The company's sales for the quarter stood at 1,757.72 million rupees, a significant decrease from 3,179.45 million rupees recorded in the same quarter of 2023. The cost of goods sold also fell to 1,677.81 million rupees from 2,823.02 million rupees, resulting in a gross profit of 79.92 million rupees, down from 356.43 million rupees in the previous year.

Despite a decrease in selling and distribution expenses to 6.00 million rupees from 28.50 million rupees and administrative expenses to 76.57 million rupees from 86.20 million rupees, the company faced an increase in finance costs, which rose to 173.84 million rupees from 167.22 million rupees.

According to information available from the Pakistan Stock Exchange (PSX), Maqbool Textile Mills recorded a loss before taxation of 175.86 million rupees, a reversal from a profit before taxation of 70.30 million rupees in the same period last year. The provision for taxation was reduced to 21.97 million rupees from 30.06 million rupees, leading to a net loss of 197.83 million rupees, compared to a net profit of 40.24 million rupees in the previous year.

Earnings per share dropped to a negative 10.73 rupees from a positive 2.18 rupees. The company has indicated that it will transmit its quarterly report for the period ended September 30, 2024, through PUCARS separately within the specified time.