Lahore: The Directors of Saritow Spinning Mills Limited reported substantial financial losses for the third quarter ending March 31, 2025. The company disclosed these figures in their Directors' Report, highlighting the adverse economic conditions affecting their operations.

According to the financial results, the company recorded net sales of 139 million for the quarter, a decrease from the previous year's figure of 161 million. The gross loss stood at 20.54 million, showing a slight improvement from the previous year's loss of 42.238 million. However, the operating loss remains substantial at 27.866 million, compared to 57.834 million in the same period last year. The loss after tax was reported as 26.711 million, reflecting an improvement from the previous year's figure of 69.083 million. Earnings per share were recorded at a negative 0.90, compared to the previous year's negative 2.32.

During the period under review, the company remained temporarily closed due to unfavorable market conditions. The broader business environment in the country has been challenging, primarily due to the global geopolitical situation. According to information available from the Pakistan Stock Exchange (PSX), the industry has been adversely affected by decreasing local raw cotton production, rising input costs, and a depressed yarn market.

The management is currently focusing on the revival of the project. There are hopes for a better future outlook as recent months have seen a reduction in markup rates, with expectations of further decreases. Additionally, a reduction in power rates is anticipated, which would be beneficial for the company's revival efforts.

The Board of Directors includes an Audit Committee and an HR & Remuneration Committee, both chaired by Mr. Jamal Nasim. Other committee members include Mr. Muhammad Zeid Yousuf Saigol, Mr. Muhammad Murad Saigol, and Mr. Muhammad Omer Farooq.

The company expressed gratitude to its shareholders for their continued support and acknowledged the dedication of its employees, hoping for sustained commitment in the future.