Dewan Farooque Motors loss doubles amid rising costs

MG News | November 06, 2024 at 10:06 AM GMT+05:00

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November 06, 2024 (MLN): Dewan Farooque Motors Ltd. (PSX: DFML) reported a nearly 100% increase in its net loss for FY24, as the company's cost of sales surged while it struggled to generate any revenue.

The automobile assembler's loss after tax jumped to Rs457.85 million [LPS: Rs3.43] during the year ending June 2024, up 98.4% from the loss of Rs230.81m [LPS: Rs1.73] last year.

The company recorded a revenue of just Rs9.95 million as compared to Rs0.18m last year.

Meanwhile, its cost of sales surged 107.1%, widening the gross loss by 100.3% to Rs282.88m.

On the expense side, the company's administrative expenses rose 49.5% from a year ago to Rs38.09m, and selling and distribution expenses rose 621.5% to Rs106.69m.

Unconsolidated (un-audited) Financial Results for year ended June 30, 2024 (Rupees in '000)
	Jun 24	Jun 23	% Change
Sales	9,953	180	5429.44%
Cost of sales	(292,833)	(141,428)	107.05%
Gross Profit/ (loss)	(282,880)	(141,248)	100.27%
Administrative Expenses	(38,093)	(25,477)	49.52%
Selling And Distribution Expenses	(106,693)	(14,788)	621.48%
Share Of Profit / (Loss)	-	(79,151)	-
Provision Reversed / (Charged)	-	(8,903)	-
Other Income	(29,856)	38,773	-
Finance Cost	(200)	(9)	2122.22%
Profit/ (loss) before taxation	(457,722)	(230,803)	98.32%
Taxation	(124)	(2)	6100.00%
Net profit/ (loss) for the period	(457,846)	(230,805)	98.37%
Basic earnings/ (loss) per share	(3.43)	(1.73)	-

Amount in thousand except for EPS

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