Lahore: Mubarak Textile Mills Limited has reported a substantial increase in its financial losses for the fiscal year ended June 30, 2024. The company disclosed its financial performance on Thursday, revealing escalated losses despite managing its operational costs.

The textile manufacturer detailed that its operating loss expanded from PKR 8.86 billion in the previous year to PKR 10.10 billion in 2024. This downturn was coupled with a decline in other operating income, which dropped from PKR 0.28 billion last year to PKR 0.37 billion. General and administrative expenses slightly decreased to PKR 10.06 billion from PKR 8.87 billion. According to information available from the Pakistan Stock Exchange (PSX), no dividends, bonus shares, or rights shares will be distributed for this period.

Furthermore, Mubarak Textile Mills posted a net loss before taxation of PKR 1.62 billion for the year, compared to a net profit of PKR 0.39 billion in 2023. The loss per share also reflected this negative trend, registering at PKR 0.28 per share.

The company announced that the annual general meeting will be held on October 28, 2024, at their registered office in Lahore, subject to approval by the PSX. The transfer books of the company will remain closed from October 26, 2024, to October 31, 2024.

Mubarak Textile Mills is grappling with significant challenges in its operations, with increased losses indicating a tough year for the company. The figures are a telling indicator of the broader issues facing the textile sector in the region.