Lahore, Shahtaj Textile announced its financial performance for the nine-month period ending March 31, 2024. The board of directors, who met on Monday, April 29, 2024, decided against recommending any cash dividends or other benefits following their review of the company's earnings.
According to the detailed financial results, Shahtaj Textile posted net sales of 6,227,613 thousand rupees for the nine months ended March 31, 2024, compared to 6,327,486 thousand rupees for the same period in the previous year. The company's cost of goods sold showed a slight decrease from 5,878,778 thousand rupees in 2023 to 5,713,626 thousand rupees in 2024. As a result, the gross profit for the period was 513,987 thousand rupees, up from 448,708 thousand rupees a year ago.
However, the profit after taxation stood at 21,422 thousand rupees, significantly lower than the 101,053 thousand rupees recorded during the same period in 2023. This downturn is reflected in the basic and diluted earnings per share, which decreased from 10.46 rupees to 2.22 rupees.
The quarterly figures also indicate a decline in financial performance with a loss after taxation of 3,379 thousand rupees for the quarter ended March 31, 2024, compared to a profit of 15,708 thousand rupees in the corresponding quarter of the previous year. The earnings per share for the quarter were negative at -0.35 rupees.