Karachi: Premium Textile Mills has disclosed its financial results for the quarter ended September 30, 2023, revealing a substantial decrease in profits compared to the same period last year.

The company's net sales for the quarter were PKR 6,753,179,078, marking an increase from last year’s PKR 5,764,121,528. The cost of sales also rose, from PKR 4,092,980,951 to PKR 5,712,754,729, resulting in a gross profit of PKR 1,040,424,349, a notable decrease from the previous year’s PKR 1,671,140,577.

Administrative expenses for the company amounted to PKR 135,293,659, while distribution costs were PKR 100,360,749, totaling to PKR 235,654,408 in expenses, a significant increase from last year’s PKR 147,722,713. This left the company with an operating profit of PKR 804,769,941, a sharp decline from the PKR 1,523,417,864 reported in the same quarter of the previous year.

Finance costs for the company were substantially higher at PKR 727,824,229, compared to PKR 294,414,363 in the previous year. Despite recording other income of PKR 46,598,994, the company faced a net loss of PKR 681,225,235 from other operating activities, further decreasing from last year’s PKR 134,317,096.

After accounting for taxation expenses of PKR 99,162,631, the company reported a profit after taxation of PKR 24,382,075, significantly less than the PKR 1,320,145,697 reported in the same quarter of the previous year. The earnings per share for the company stood at PKR 3.96, compared to PKR 214.21 in the prior year.

The company announced that there will be no cash dividends, bonus shares, right shares, or any other entitlements for the shareholders, and no other price-sensitive information was disclosed.

The quarterly report for the period ending September 30, 2023, will be transmitted through PUCARS separately within the specified time frame.