Baba Farid Sugar Mills Limited Reports a Loss in Half Year/2nd Quarter Financial Results for 2023.

Karachi -- In the latest financial report, Baba Farid Sugar Mills Limited has announced unaudited accounts for the half year/2nd quarter ended on March 31, 2023. The Board of Directors met on May 29, 2023, in Lahore to recommend the financial results.

Comparing the figures from the corresponding periods in 2022, the company's net sales for the half year increased to 1,205,686,914 rupees from 1,100,741,013 rupees. However, the sales for the quarter decreased to 517,388,373 rupees from 555,107,734 rupees in the previous year.

Cost of sales also saw an increase, reaching 1,095,977,602 rupees for the half year compared to 1,048,249,521 rupees in 2022. The cost of sales for the quarter was 341,445,467 rupees, down from 516,876,696 rupees.

As a result, Baba Farid Sugar Mills Limited reported a gross profit of 109,709,350 rupees for the half year, a significant improvement from 52,491,492 rupees in the previous year. The quarter also witnessed a rise in gross profit to 175,942,906 rupees, compared to 231,038,438 rupees in 2022.

Operating expenses, including selling and distribution expenses, general and administrative expenses, other operating expenses, and other operating income, amounted to a net loss of 2,161,827...