Karachi: UDL International Limited has disclosed a substantial financial loss for the fiscal year ending June 30, 2024, reflecting challenges in both its consolidated and unconsolidated financial performances. This announcement follows a recent meeting of the company's Board of Directors held in Karachi.

For the year under review, UDL International reported a consolidated loss after taxation of 7.05 billion rupees, a stark increase from the previous year's loss of 221 million rupees. Similarly, on an unconsolidated basis, the company recorded a loss of 8.64 billion rupees compared to 111 million rupees in 2023. These figures translate to a loss per share of 0.20 rupees and 0.25 rupees on a consolidated and unconsolidated basis, respectively, indicating a significant decline in profitability over the fiscal period.

According to information available from the Pakistan Stock Exchange (PSX), UDL International's financial struggles were primarily driven by substantial increases in operating expenses, which surged to 16.54 billion rupees in the consolidated accounts, up from 223 million rupees the prior year. Financial charges also contributed to the losses, with the consolidated financial charges amounting to 10.41 million rupees.

The Board of Directors confirmed that there would be no cash dividends, bonus certificates, or rights certificates issued to shareholders this year. In light of the company's financial results, this decision underscores the challenges faced by the firm in achieving financial stability. The Annual General Meeting is scheduled for October 28, 2024, at the NBFI and Modaraba Association of Pakistan in Karachi, with the share transfer books closed from October 22 to October 28, 2024.

The significant downturn in UDL International's financial health over the past fiscal year highlights the need for stringent review and potential restructuring to mitigate financial pressures and steer the company towards a more sustainable path. The financial community and shareholders will likely watch closely as the company approaches its Annual General Meeting to address these critical issues.