Lahore: Noon Sugar Mills Limited has announced its financial results for the third quarter ended on June 30, 2024. The results were made public following a Board of Directors meeting on July 30, 2024, in Lahore, where no changes to dividends or shares were proposed.

According to information available from the Pakistan Stock Exchange (PSX), the company's quarterly revenue showed a slight increase from the previous year, with sales netting PKR 2,785.25 million compared to PKR 2,692.08 million in the same period last year. However, the profitability metrics tell a mixed story. The profit for the quarter was reported at PKR 11.37 million, a substantial drop from PKR 45.11 million year-on-year.

The report detailed no new corporate actions or entitlements, indicating a hold in strategic financial adjustments amidst operational challenges. Gross profit for the quarter stood at PKR 563.95 million, only slightly up from PKR 552.88 million in the same period in 2023.

Expenses related to distribution and marketing saw a significant reduction from PKR 95.23 million in the prior year to PKR 49.72 million. However, the finance costs have notably increased, mounting from PKR 285.92 million to PKR 396.32 million, affecting the bottom line.

The earnings per share also reflected a decrease, with basic and diluted earnings per share falling from PKR 4.17 to PKR 0.69.

As per the company's statement, the complete quarterly report will be available through PUCARS within the specified timeframe. The market awaits further developments and potential strategies that Noon Sugar Mills might adopt in the upcoming quarters to enhance shareholder value and improve financial health.