Karachi: Salman Noman Enterprises Limited has presented its un-audited financial report for the first quarter ending on September 30, 2024, detailing a slightly reduced loss compared to the previous year, according to information available from the Pakistan Stock Exchange (PSX). The company reported a loss of Rs. 5.89 million, down from a loss of Rs. 6.20 million in the same period last year.

The reduction in losses can be attributed to rigorous cost management and optimization of resources, despite significant operational challenges. The company continues to struggle with severe working capital constraints that have hampered its ability to execute planned operations. Furthermore, ongoing litigation with banking institutions has put additional pressure on the company’s financial position, impacting its access to necessary capital and liquidity.

In light of these challenges, Salman Noman Enterprises remains committed to exploring alternative strategies and engaging with stakeholders to navigate through this difficult period. The company is hopeful that the resolution of banking disputes and the securing of working capital will enable it to resume full operations and work towards achieving financial stability.

The Board and management express their gratitude to the shareholders for their patience and continued support during these trying times, emphasizing their dedication to stabilizing the company's financial status and restoring operational viability.