Lahore, Prosperity Weaving Mills Ltd has released its financial results for the nine months and quarter ending March 31, 2024, documenting performance metrics and financial health.
According to the financial summary provided by Muhammad Taq Sheikh, Chief Financial Officer of Prosperity Weaving Mills Ltd, the company achieved a revenue of 14,028,432,922 rupees for the nine-month period in 2024, up from 10,938,914,570 rupees in the previous year. The cost of sales for the same period was 13,084,644,868 rupees, resulting in a gross profit of 943,788,054 rupees.
Operating expenses, including distribution, administrative, and other operating expenses totaled 458,435,412 rupees, leading to an operating profit of 485,352,642 rupees. Financial costs incurred were 325,792,768 rupees, and after accounting for a provision for taxation of 157,436,788 rupees, the profit after taxation stood at 37,757,214 rupees.
Additionally, the company reported a fair value gain on investment in equity instruments of 161,636,260 rupees, contributing to a total comprehensive income for the period of 159,825,890 rupees. The earnings per share for the period were reported as 2.04 rupees, reflecting a decrease from the previous year's 6.81 rupees.
For the quarter ended March 31, 2024, the company posted a revenue of 4,962,619,181 rupees and a gross profit of 319,166,667 rupees. The quarter saw operating profits of 146,112,513 rupees and a net profit after taxation and other comprehensive income adjustments of 11,182,136 rupees. The earnings per share for the quarter were 0.61 rupees.