Hifsa Raja

Sitara Peroxide Limited posted a 30% decrease in its sales revenue in the first quarter of the ongoing fiscal year 2022-23, compared to the same period of last year, suggesting the current depressed economic environment had a bearing on its turnover. Similarly, the company’s gross loss further increased by 62% in the first quarter of FY23 compared to the same period last year, meaning the cost of sales increased significantly. The company’s loss-before-taxation also increased by 13% in the first quarter of FY23 compared to the same period in FY22. Likewise, the company’s net loss increased by 10% during the first quarter of FY23, building on the net loss reported over the same period of last year.

Performance in 2021-22

The company’s sales decreased by 7% in the fiscal year 2021-22 compared to the previous year. The company sustained a gross loss of Rs63 million compared to a gross profit of Rs191 million in FY21, posting negative growth of 133%. This suggests that the cost of sales was higher than the revenue generated. The company incurred a loss-before-tax of Rs386 million in the fiscal year 2021-22 compared to profit-before-tax of Rs13 million the previous year, posting a mammoth 2934% negative growth.

This indicates that the company’s operating expenses and other costs increased significantly. Similarly, the company’s net loss stood at Rs341 million in FY22 compared to a net profit of Rs34 million in FY21, registering a significant decline of 1083% year-on-year. This suggests the company’s overall expenses increased manifold, marring its ability to generate sufficient revenues to cover its costs.

About the company

Sitara Peroxide was incorporated in Pakistan on March 8, 2004 as a public limited company under the now repealed Companies Ordinance, 1984. The principal activity of the company is manufacturing and sale of hydrogen peroxide.

Credit: Independent News Pakistan-WealthPk