By Najeeb Naich
Siddiqsons Tin Plate Limited has posted a significant loss of Rs. 2.05 billion for the fiscal year ended June 30, 2024, as per the company’s statement of profit or loss submitted to the Pakistan Stock Exchange (PSX).
The company’s revenue declined to Rs. 4.07 billion in FY24 compared to Rs. 4.39 billion in FY23. However, the cost of goods sold surged to Rs. 4.13 billion, resulting in a gross loss of Rs. 55.47 million — a sharp reversal from the Rs. 399.99 million gross profit recorded in the previous year.
The company also incurred heavy administrative expenses amounting to Rs. 137.44 million (up from Rs. 111.36 million), and impairment losses of Rs. 306.13 million. Further financial strain came from finance costs totaling Rs. 596.15 million and other expenses of Rs. 47.45 million.
Despite receiving other income of Rs. 53.77 million, the company recorded a pre-tax loss of Rs. 2.04 billion. After taxation, the total comprehensive loss stood at Rs. 2.05 billion, translating to a loss per share of Rs. 8.88, compared to earnings per share of Rs. 0.01 in FY23.
This dramatic financial downturn highlights the challenges faced by Siddiqsons Tin Plate in maintaining profitability amid rising costs and operational pressures.
