Lahore: Sally Textile Mills Limited has reported a significant increase in its losses for the fiscal year ended June 30, 2024. According to information available from the Pakistan Stock Exchange (PSX), the Lahore-based company disclosed that its losses after taxation surged to 195.12 million rupees from 96.17 million rupees in the previous year, marking an alarming deterioration in financial health.

The company's detailed financial statements reveal a consistent lack of revenue from contracts with customers over the past two years, alongside mounting costs. The gross loss for the year stood at 31.52 million rupees, slightly less than the 33.34 million rupees recorded in 2023. However, administrative expenses decreased from 14.91 million rupees to 11.21 million rupees.

Other income, which could have potentially offset some losses, was reported at zero, mirroring the previous year's figures. The operating loss also remained high at 42.28 million rupees. The most significant blow came from a dramatic rise in notional interest, escalating from 41.52 million rupees to a staggering 161.39 million rupees.

In light of these results, the board of directors has decided against distributing any dividends, bonus shares, or rights shares this year. This decision underscores the company's precarious financial position and its focus on stabilizing its financial base.

Further corporate disclosures indicated that the Annual General Meeting of Sally Textile Mills Limited is scheduled for October 28, 2024, at their registered office in Lahore. The company has also announced that its share transfer books will remain closed from October 18 to October 28, 2024, for administrative purposes.

The annual report of Sally Textile Mills Limited will be transmitted through PUCARS at least 21 days before the upcoming Annual General Meeting, ensuring that shareholders are well-informed of the company's current state ahead of critical discussions and decisions.