Karachi: Media Times Limited has announced it will hold its Annual General Meeting on October 28, 2024, following a challenging financial year that ended with a significant loss. The company's financial results and strategic decisions for the upcoming year will be the primary focus of the meeting.

For the fiscal year that concluded on June 30, 2024, Media Times Limited reported a net loss of Rs. 3.07 million, compared to a loss of Rs. 110.54 million in the previous year, indicating a reduction in losses yet still underscoring ongoing financial challenges. The revenue for the year stood at Rs. 67.24 million, a decline from Rs. 110.97 million reported in 2023. According to information available from the Pakistan Stock Exchange (PSX), the company's cost of production also decreased, contributing to the narrower loss margin.

The administrative and selling expenses were reported at Rs. 60.38 million, while other income saw a significant increase to Rs. 173.45 million, primarily aiding the reduction in the net loss. The financial costs for the company were reduced, adding a positive aspect to the overall financial handling.

No dividends, bonus shares, or rights issues will be distributed for the year, reflecting the company's cautious approach to capital management amid its current financial standing. The forthcoming AGM will also include discussions on the company's future strategies to potentially stabilize and improve its financial health.

The meeting will be critical for shareholders to assess the company’s strategies and operational adjustments necessary to navigate through the economic pressures impacting the media sector.