PECO Announces Financial Results for Six Months Ended December 31, 2023

Pakistan Engineering Company Limited (PECO) has released its condensed interim financial statements for the six-month period ended December 31, 2023. The company disclosed its financial performance through a notification submitted to the Pakistan Stock Exchange (PSX).

According to the report, PECO recorded sales revenue of Rs. 12.83 million during the six-month period, compared to Rs. 18.05 million in the corresponding period of the previous year. The decline in revenue contributed to a gross loss of Rs. 7.50 million.

The company’s operating loss stood at Rs. 45.85 million, reflecting continued pressure from administrative and operating expenses. After accounting for finance costs and taxation, PECO reported a net loss after tax of Rs. 56.69 million, compared to a loss of Rs. 19.56 million recorded during the same period last year.

Basic and diluted loss per share increased to Rs. 9.96, compared to Rs. 3.44 in the corresponding period of 2022, indicating a deterioration in earnings performance.

On the balance sheet side, total assets amounted to approximately Rs. 15.0 billion as of December 31, 2023. Property, plant, and equipment remained the company’s largest asset category at Rs. 14.40 billion. Shareholders’ equity stood at Rs. 12.33 billion, supported primarily by the revaluation surplus of fixed assets.

The company also reported cash and bank balances of Rs. 14.85 million at the end of the period. Net cash generated from operating activities was Rs. 97,000, while overall cash balances decreased by Rs. 186,000 during the six months.

PECO’s Board of Directors, in its meeting held on June 6, 2026, recommended no cash dividend, bonus shares, right shares, or any other corporate action in relation to the reported period.

The company stated that its half-yearly report and accompanying financial statements have been submitted in accordance with regulatory requirements and disclosed through the Pakistan Stock Exchange.