Karachi: Dewan Mushtaq Textile Mills Limited has announced its financial performance for the half-year period ending December 31, 2024. The company reported a substantial increase in losses, as detailed in its un-audited, condensed interim financial statements.

The board of directors, during their meeting in Karachi on August 11, 2026, disclosed that no cash dividends, bonus shares, right shares, or any other corporate actions would be implemented for this period. This decision underscores the financial challenges currently facing the company.

Financial results indicate that the company experienced a loss before income tax and levies of 20.45 million rupees for the half-year ended December 2024, a noticeable increase from the 13.20 million rupees loss reported during the same period in the previous year. This reflects a very large or significant move in financial losses. The net loss after taxation for the half-year period was recorded at 19.38 million rupees, compared to 11.98 million rupees in the prior year.

According to information available from the Pakistan Stock Exchange (PSX), Dewan Mushtaq Textile Mills did not generate any net sales during the reported periods, which significantly contributed to the financial downturn. The cost of sales for the half-year stood at 14.49 million rupees, slightly down from 15.48 million rupees in the previous year, providing little relief in light of the absence of revenue.

Administrative and general expenses rose to 5.96 million rupees from 4.49 million rupees in the previous half-year. The increase in expenses further exacerbated the company's operating loss, which widened to 20.45 million rupees compared to 19.97 million rupees from the prior year.

The report also highlights the absence of other income in the current period, contrasting with a significant other income of 6.78 million rupees recorded in the previous half-year. The lack of this supplementary income source has further deepened the financial strain on the company.

The basic and diluted loss per share was posted at 1.68 rupees, up from 1.04 rupees in the corresponding period of last year, indicating a deterioration in shareholder value.

These results place Dewan Mushtaq Textile Mills Limited in a challenging position within the textile market category, as it navigates through a period of increased operational costs and absent revenue streams.