Lahore: Pakistan Engineering Company Limited (PECO) has reported its financial results for the three-month period ending September 30, 2022, revealing a profit after taxation of Rs 12,768,000. This marks a significant turnaround from the loss of Rs 39,312,000 recorded in the same period the previous year.

The company's sales for the quarter amounted to Rs 8,123,000, a decrease from the Rs 21,184,000 reported in the same period last year. This 61.67% drop in sales represents a very large or significant move. Despite the decrease, the company managed to reduce its gross loss to Rs 6,497,000 from Rs 21,140,000 in the previous year.

Operating income for the period was bolstered by other operating income of Rs 44,353,000, a significant increase from the Rs 4,270,000 reported last year. This contributed to a reduction in the operating loss to Rs 23,936,000 compared to Rs 31,436,000 in the prior year.

According to information available from the Pakistan Stock Exchange (PSX), the company's finance costs decreased to Rs 2,099,000 from Rs 2,461,000, contributing to a profit before taxation and levies of Rs 21,837,000, compared to a loss of Rs 33,897,000 for the same period last year.

Taxation for the period was Rs 1,394,000, significantly lower than the Rs 5,150,000 reported in the previous year, resulting in a profit after taxation of Rs 12,768,000.

PECO's statement of financial position as of September 30, 2022, reported total assets of Rs 15.10 billion, slightly down from Rs 15.10 billion as of June 30, 2022. Non-current assets stood at Rs 14.44 billion, while current assets were Rs 343.17 million.

The company declared no cash dividend, bonus shares, or right shares for the period under review. The directors' meeting, conducted on June 6, 2026, did not recommend any other entitlements or corporate actions.

PECO's balance sheet indicates an accumulated loss of Rs 2.04 billion, down from Rs 2.06 billion as of July 1, 2022. The total equity of the company as of September 30, 2022, was reported at Rs 12.45 billion.

Despite the challenging financial landscape, PECO's strategic management and operational efficiencies have allowed it to report a profit, reflecting resilience in its financial performance. The company's quarterly report will be transmitted through the Pakistan Unified Corporate Action Reporting System (PUCARS) separately, in compliance with the Securities Act, 2015.