Karachi: Metropolitan Steel Corporation Limited released its financial statement for the year ending June 30, 2026, highlighting a challenging financial performance. The report, dated October 1, 2026, indicates that the company faced significant losses despite efforts to stabilize its operations.

The corporation's total assets decreased from Rs. 912.96 million in 2025 to Rs. 895.54 million in 2026, reflecting a reduction in both non-current and current assets. Specifically, non-current assets fell to Rs. 793.83 million from Rs. 810.58 million, primarily due to a decline in property, plant, and equipment. Current assets also saw a minor move from Rs. 102.38 million to Rs. 101.71 million, influenced by changes in stock in trade and trade debts.

In terms of equity and liabilities, the company's accumulated losses deepened to Rs. 126.35 million in 2026 from Rs. 113.42 million in 2025. This contributed to a total equity reduction to Rs. 826.15 million from Rs. 844.88 million. Meanwhile, current liabilities experienced a big move, increasing to Rs. 33.46 million from Rs. 29.78 million, driven by heightened trade and other payables.

According to information available from the Pakistan Stock Exchange (PSX), the company's revenue grew to Rs. 106.91 million in 2026 from Rs. 100.75 million in 2025, showing a moderate move. However, the cost of sales slightly decreased, which resulted in a gross loss reduction to Rs. 4.44 million from Rs. 11.68 million. Despite this, the corporation's operating loss persisted at Rs. 22.24 million, a slight improvement from Rs. 29.41 million in the previous year.

The finance cost rose to Rs. 0.34 million from Rs. 0.21 million, while other charges decreased to Rs. 0.72 million from Rs. 1.42 million. Other income saw a very large move downwards, dropping to Rs. 3.54 million from Rs. 18.02 million. Consequently, the loss before income tax widened to Rs. 21.10 million in 2026, compared to Rs. 14.27 million in 2025.

After accounting for a levy of Rs. 1.34 million and an income tax benefit of Rs. 2.37 million, the corporation reported a loss after income tax of Rs. 18.73 million, up from Rs. 12.42 million in the prior year. The loss per share increased to Re. 0.60 from Re. 0.40, further highlighting the corporation's financial challenges.

The report underscores the ongoing difficulties faced by Metropolitan Steel Corporation Limited, accentuated by a lack of comprehensive income from revaluation surpluses, which were absent in 2026 following a Rs. 42.56 million gain in 2025. As the company navigates its financial hurdles, stakeholders will be closely monitoring its strategic responses in the coming fiscal periods.