Karachi: Dewan Mushtaq Textile Mills Limited has reported its financial results for the first quarter ending September 30, 2023, revealing a continued pattern of losses. The financial data was disclosed following a board meeting held on April 15, 2025, in Karachi, Pakistan.

The company's board of directors decided not to declare any cash dividends, bonus shares, or rights shares for the period. Additionally, no other entitlements or corporate actions were recommended. This decision aligns with the company's current financial position, which remains challenging.

According to the financial statement, the net sales of Dewan Mushtaq Textile Mills stood at 3.87 million rupees for the first quarter of 2023. This figure was overshadowed by the cost of sales, which amounted to 7.92 million rupees, resulting in a gross loss of 16.92 million rupees. Operating expenses were recorded at 7.92 million rupees, while administrative and general expenses accounted for 1.49 million rupees.

A notable element in the financial results was the reversal of provision against doubtful debts, amounting to 5.63 million rupees. Despite this adjustment, the company reported an operating loss of 3.79 million rupees for the quarter. Finance costs were minimal at 3,584 rupees. Consequently, the loss before taxation was 3.79 million rupees.

Taxation during the period showed a deferred tax gain of 606,458 rupees, which accounted for a reduction in the overall loss after taxation. The net loss after taxation for the quarter was 3.19 million rupees, with a loss per share of 0.28 rupees.

According to information available from the Pakistan Stock Exchange (PSX), the textile company's financial difficulties are reflected in these figures, highlighting the ongoing challenges in the textile sector. The designated market category for Dewan Mushtaq Textile Mills Limited is the textile industry. The company's performance indicates the need for strategic measures to address its financial difficulties and improve shareholder value.