Islamabad: Premier Sugar Mills announced its financial results for the first quarter ending December 31, 2024, revealing a substantial decrease in net sales and a notable loss after taxation. The Board of Directors approved these results during a meeting held on Tuesday, February 25, 2025.
Sales for the quarter were reported at 7.04 billion rupees, a decline from 8.50 billion rupees in the same period the previous year. The cost of sales also decreased significantly from 6.81 billion rupees to 2.11 billion rupees. Despite the reduction in costs, the company reported a gross loss of 67.63 million rupees, compared to a gross profit of 1.69 billion rupees in the prior year.
Distribution costs rose to 301.80 million rupees from 240.09 million rupees, and administrative expenses increased to 432.64 million rupees from 398.31 million rupees. Overall, the total expenses amounted to 734.44 million rupees, up from 692.58 million rupees.
According to information available from the Pakistan Stock Exchange (PSX), the company’s other income saw a significant increase to 482.26 million rupees from 56.55 million rupees in the previous year. However, the loss from operations was reported at 319.81 million rupees, a stark contrast to the profit of 1.06 billion rupees recorded the year before.
The finance cost increased to 1.21 billion rupees from 802.83 million rupees, contributing to a loss before taxation of 1.54 billion rupees, compared to a profit of 240.85 million rupees in the previous year.
The company reported a loss after taxation of 994.56 million rupees, compared to a profit of 206.46 million rupees in the same quarter last year. The basic and diluted loss per share was recorded at 136.73 rupees, in contrast to earnings of 17.80 rupees per share in the previous year.
The quarterly reports will be submitted electronically through the PUCARS system, in accordance with PSX Notice No. PSX/N-5036 dated September 03, 2018. The financial results highlight the challenges faced by Premier Sugar Mills in the designated market category amidst declining sales and increased operational costs.