Lahore: Ruby Textile Mills Limited has reported a substantial financial loss for the fiscal year ended June 30, 2024, continuing a trend of operational difficulties amid economic pressures. The company, which previously posted a loss in 2023, saw its losses deepen significantly over the past fiscal year according to the detailed financial statements released following the Board of Directors meeting on October 4, 2024, at their head office in Lahore's industrial sector.

In the financial year 2024, Ruby Textile Mills did not record any turnover, a stark contrast to the 12.30 million rupees reported in 2023. The gross loss for the year stood at 97.03 million rupees, worsening from the previous year's loss of 109.33 million rupees after the cost of sales. The company's operational expenses were largely unchanged with administrative and general expenses recording a substantial increase to 64.11 million rupees, up from 28.90 million rupees in the previous year.

According to information available from the Pakistan Stock Exchange (PSX), the financial strain was further compounded by a minor reduction in finance costs, which decreased to 3.07 million rupees from 4.32 million rupees in 2023. However, this was insufficient to offset the broader negative trends. The loss before taxation widened to 54.15 million rupees from 69.40 million rupees a year earlier.

Taxation for the year provided a slight relief, totaling 8.90 million rupees, compared to 9.13 million rupees in the previous tax assessment. The net result was a loss after taxation of 45.24 million rupees, compared to a loss of 60.27 million rupees in 2023. The company's earnings per share deteriorated, falling from a loss of 1.15 rupees per share in 2023 to a loss of 0.87 rupees per share in 2024.

Ruby Textile Mills also announced that no dividends, bonus shares, or rights shares would be issued, reflecting the company’s ongoing financial challenges and the decision to conserve capital amidst its current fiscal landscape. No additional price-sensitive information was disclosed.