Qudsia Bano

Sunrays Textile Mills Limited’s revenue from sales decreased by 5% to Rs4.58 billion in the first six months of the ongoing financial year 2022-23 (6MFY23) from Rs4.82 billion in the corresponding period of the previous fiscal, reports WealthPK. The gross profit also decreased by a huge 68% to Rs403 million in 6MFY23 from Rs1.2 billion in 6MFY22. The main reason for the decrease in gross profit was an increase in cotton prices and a disproportionate decrease in corresponding yarn prices. The company earned a profit-after-tax of Rs189 million as compared to Rs972 million earned over the corresponding period of last year, posting a negative growth of 81%.

Performance in 2021-22

During the fiscal year 2021-22, the company’s gross sales edged up to Rs9.76 billion from Rs8.64 billion in FY21, posting an increase of 13% year-on-year. The gross profit for FY22 stood at Rs2.6 billion, up 64% from Rs1.58 billion in FY21. The after-tax profit increased to Rs1.9 billion in FY22 from Rs1.1 billion in FY21, posting a growth of 66% year-on-year.

The earnings per share of the company increased 66% to Rs92.26 in FY22 from Rs55.56 in FY21.

About the company

Sunrays Textile Mills was incorporated in Pakistan on August 27, 1987, as a public limited company under the Companies Ordinance, 1984. The company manufactures and sells yarn.

Credit : Independent News Pakistan-WealthPk