Lahore: Saif Textile Mills Limited reported a notable downturn in its financial performance for the first quarter ended September 30, 2024, as detailed in the latest interim financial statement. Despite an increase in sales, higher costs and expenses have led to reduced profitability compared to the same period last year.

The company's total sales reached 3,039.67 million rupees for the July to September 2024 period, down from 3,385.75 million rupees during the same quarter in 2023. The cost of sales also decreased to 2,492.39 million rupees, resulting in a gross profit of 547.28 million rupees, up from 432.87 million rupees year over year.

According to information available from the Pakistan Stock Exchange (PSX), administrative expenses and distribution costs contributed significantly to the company’s financial strain. Administrative expenses were reported at 56.38 million rupees, down from 68.15 million rupees, while distribution costs amounted to 53.44 million rupees, reduced from 76.37 million rupees last year. Other expenses totaled 1.87 million rupees, compared to none in the prior period, further impacting the overall financial health.

Profit from operations stood at 453.29 million rupees, a substantial improvement from 296.40 million rupees in 2023. However, finance costs rose slightly to 15.83 million rupees, up from 9.92 million rupees. The net profit before taxation was 52.04 million rupees, showing a recovery from a loss of 125.43 million rupees the previous year.

Taxation expenses also shifted, with a minimal tax levy of 38.06 million rupees compared to 42.05 million rupees in the prior year. The profit after taxation concluded at 13.99 million rupees, significantly less than the loss of 167.48 million rupees recorded in the previous year.

Earnings per share showed a positive trend, at 0.41 rupees per share, a stark contrast to a loss of 5.06 rupees per share in 2023.