LAHORE: Zahur Cotton Mills Limited disclosed its financial outcomes for the fiscal year ending June 30, 2024, revealing a notable increase in losses compared to the previous year. The company's statement of profit and loss, transmitted through PUCARS and now accessible on the company's website, paints a challenging financial landscape.

The mill reported that its operational losses expanded from 780.25 million rupees in 2023 to 1.22 billion rupees in 2024. This escalation in losses is attributed to a steep increase in administrative expenses, which surged from 780.25 million rupees the previous year to 1.22 billion rupees. According to information available from the Pakistan Stock Exchange (PSX), finance costs also rose, albeit slightly, from 0.51 million rupees in 2023 to 2.09 million rupees in 2024.

The earnings report disclosed no revenue from contracts with customers for the consecutive second year, leading to a gross profit of zero. This has put significant pressure on the mill's profitability. The report also noted that there was no profit or loss before taxation, which remained at a loss of 1.22 billion rupees, reflecting the operational and financial costs the company has incurred.

The board of directors announced that no dividends, bonus shares, right shares, or other price-sensitive entitlements would be issued to shareholders this year. The company plans to hold its Annual General Meeting on October 28, 2024, at its registered office in Lahore.

Further detailing its corporate actions, Zahur Cotton Mills mentioned that the Share Transfer Books would be closed from October 22 to October 28, 2024. The company is also in advanced stages of a merger with ITANZ Technology Private Limited, which it hopes will rejuvenate its operations and secure a competitive position as a leading listed IT entity on the PSX.