Lahore: Shams Textile Mills Limited has released its financial results for the year ended 30 June 2024, showcasing a significant recovery in revenue despite continued losses. The company reported revenue from contracts with customers at PKR 6.92 billion, a notable increase from PKR 3.31 billion in the previous year.

The gross profit for the fiscal year stood at PKR 270.73 million, recovering from a loss of PKR 54.61 million in 2023. However, the company still faced a net loss after taxation, which amounted to PKR 33.90 million, improved from PKR 153.29 million in the prior year. According to information available from the Pakistan Stock Exchange (PSX), Shams Textile Mills has been working to manage costs and enhance operational efficiency.

The cost of sales for the year was slightly higher at PKR 6.65 billion compared to PKR 3.36 billion last year, reflecting the increase in revenue. Distribution costs and administrative expenses were PKR 60.87 million and PKR 123.37 million, respectively, indicating an increase in operational activities. Other expenses totaled PKR 33.05 million.

Other income for the company totaled PKR 89.79 million, down from PKR 114.62 million the previous year. The company's finance cost increased significantly to PKR 90.50 million from PKR 10.66 million in 2023, impacting the overall profitability.

The financial statements also included a levy of PKR 81.69 million, which contributed to the company’s pre-tax losses of PKR 28.96 million. The loss per share for Shams Textile Mills was reported at PKR 3.96, compared to a loss per share of PKR 17.74 in 2023.