Karachi: Otsuka Pakistan Limited, a prominent entity in the pharmaceutical sector, disclosed its annual financial outcomes for the fiscal year ending June 30, 2024. The results reveal a contraction in profits despite a slight increase in revenue.

According to information available from the Pakistan Stock Exchange (PSX), the company convened a board meeting today, August 27, 2024, where directors announced no changes in cash dividends, bonus, or right shares, signaling a cautious approach amidst a challenging fiscal environment. The financial disclosure highlights revenue for the year at Rs. 3.16 billion, a slight increase from Rs. 3.04 billion in 2023. However, cost of sales escalated to Rs. 2.59 billion from Rs. 2.39 billion, diminishing the gross profit from Rs. 644 million in the previous year to Rs. 577 million.

The detailed financial statement indicates a total operating profit of Rs. 121.78 million, up from Rs. 35.87 million, buoyed by a significant reduction in other expenses and an increase in other income. Despite these gains, Otsuka Pakistan reported a net loss for the year at Rs. 4.76 million, an improvement over last year's Rs. 7.21 million loss, with a loss per share of Rs. 0.39 compared to Rs. 0.60 in the prior period.

The company also outlined that its Thirty Sixth Annual General Meeting is scheduled for October 30, 2024, at the Institute of Chartered Accountants of Pakistan in Karachi, with the share transfer books to remain closed from October 24 to October 30, 2024. This meeting will likely address the strategic directions and shareholder concerns given the current financial footing.