Lahore: Shadab Textile Mills Limited has announced a marked improvement in its financial performance for the quarter ended September 30, 2024. The company reported a profit after taxation of 35.38 million rupees, compared to a loss of 11.96 million rupees for the same period in 2023, as revealed during the Board of Directors meeting held on October 25, 2024.

The company's net sales rose by approximately 319.94 million rupees, reaching 1,912.51 million rupees from 1,592.57 million rupees in the previous year. Despite an increase in the cost of sales, which climbed to 1,770.00 million rupees from 1,529.53 million rupees, the company achieved a gross profit of 142.51 million rupees, a notable increase from the 63.04 million rupees recorded in the third quarter of 2023.

Administrative and general expenses were reported at 40.25 million rupees, up from 34.39 million rupees in the previous year. Selling and distribution expenses experienced a slight decrease to 57,000 rupees from 255,000 rupees, culminating in total operating expenses of 40.30 million rupees, compared to 34.64 million rupees in 2023. The company posted an operating profit of 102.21 million rupees, a significant increase from the 28.40 million rupees reported in the same period last year.

Finance costs decreased marginally to 38.64 million rupees from 40.78 million rupees, while other charges amounted to 4.43 million rupees. Consequently, the profit before levies and taxation improved to 59.70 million rupees, compared to a loss of 11.63 million rupees in the previous year. According to information available from the Pakistan Stock Exchange (PSX), the company reported other income of 564,000 rupees, down from 755,000 rupees.

After accounting for a minimum tax of 4.73 million rupees and taxation of 15.60 million rupees, the company achieved a profit before taxation of 54.97 million rupees, compared to a loss before taxation of 31.65 million rupees in 2023. The earnings per share were reported at 2.13 rupees, a substantial improvement from a loss per share of 0.72 rupees in the previous year.

The company's quarterly report for the period ended September 30, 2024, will be transmitted through the Pakistan Unified Corporate Action Reporting System (PUCARS) within the specified time frame.