Kohinoor Spinning Mills pulls the right threads, losses down by 19%
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MG News | February 27, 2025 at 12:49 PM GMT+05:00
February 27, 2025 (MLN): Kohinoor Spinning Mills Limited (PSX: KOSM) has posted a net loss of Rs64 billion for the half-year ended December 31, 2024, reflecting a 19% improvement compared to a loss of Rs79.4bn in the same period last year.
The company’s loss per share (LPS) stood at Rs0.16, down from Rs0.19 in 2023.
The textile manufacturer managed to reduce its operating loss to Rs79bn, a 17% decrease from Rs95bn last year, primarily due to a decline in operating expenses.
Financial costs also dropped significantly by 33.6% to Rs7.7bn, easing some pressure on the bottom line.
However, other operating income declined by 19.6% to Rs22.6bn, indicating a fall in non-core revenue streams.
Despite these improvements, Kohinoor Spinning Mills continues to struggle with overall profitability, reflecting ongoing challenges in the textile sector.
The company’s tax burden decreased substantially by nearly 69% to Rs187.5 million, providing some relief.
| Condensed interim statement of profit and loss (un-audited) for the half year ended December 31, 2024 (in Rupees '000) | 2024 | 2023 | %Change |
| SALES - NET | - | - | |
| COST OF SALES | - | - | |
| GROSS (LOSS) | - | ||
| Operating Expenses | (78,969,226) | (95,207,873) | -17.06% |
| OPERATING (LOSS) | (78,969,226) | (95,207,873) | -17.06% |
| Financial cost | (7,736,417) | (11,658,809) | -33.64% |
| Other operating income | 22,595,923 | 28,085,939 | -19.55% |
| (LOSS) BEFORE TAXATION | (64,109,720) | (78,780,743) | -18.62% |
| TAXATION | (187,500) | (604,126) | -68.96% |
| (LOSS) AFTER TAXATION | (64,297,220) | (79,384,869) | -19.01% |
| (LOSS) PER SHARE - BASIC & DILUTED | (0.16) | (0.19) |
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