Chashma Sugar Mills Limited’s financial results for the quarter and nine months ended June 30, 2024:
Financial Performance Overview
Chashma Sugar Mills Limited reported a significant loss for both the quarter and nine months ended June 30, 2024. The company’s revenue, while higher than the previous year, was insufficient to cover increased costs and expenses, leading to an overall negative financial performance.
Key Financial Highlights:
- Sales (Net): The company generated PKR 10,209,966 thousand in sales during the quarter, an increase compared to the previous year’s PKR 5,496,849 thousand. For the nine months, sales reached PKR 22,147,850 thousand, up from PKR 16,840,839 thousand in the prior year.
- Gross Profit: Despite higher sales, the company’s gross profit was only PKR 147,448 thousand for the quarter and PKR 3,005,585 thousand for the nine months. This indicates that the cost of sales increased at a faster pace than revenue.
- Operating Loss: Chashma Sugar incurred an operating loss of PKR 333,106 thousand for the quarter and PKR 1,616,515 thousand for the nine months. This was primarily due to high selling and distribution expenses, administrative and general expenses, and net impairment losses on financial assets.
- Net Loss: The company reported a net loss of PKR 1,529,845 thousand for the quarter and PKR 1,485,094 thousand for the nine months. This significant loss was attributable to the operating loss and substantial finance costs.
- Earnings Per Share: The basic and diluted earnings per share for the quarter were a loss of PKR 53.32, and for the nine months, a loss of PKR 51.76.
Additional Information:
- The company’s financial results were approved by the Board of Directors on July 26, 2024.
- The Half-Yearly reports will be submitted electronically through PUCARS as per PSX Notice No. PSX/N-5036, dated September 03, 2018.