Karachi: Dewan Mushtaq Textile Mills Limited announced its unaudited financial results for the third quarter and nine months ending March 31, 2024. The board of directors convened on November 7, 2025, in Karachi, revealing ongoing financial difficulties with no cash dividends, bonus shares, right shares, or other corporate actions recommended.

The company reported a net sales figure of 3.87 million rupees for the quarter ending March 31, 2024. The cost of sales reached 7.91 million rupees, leading to a gross loss of the same amount for the period. Operating expenses, including administrative and general costs, amounted to 1.61 million rupees, resulting in an operating loss of 9.51 million rupees.

Finance costs were reported at 2,000 rupees, while other income was recorded at 858,840 rupees. The loss before taxation stood at 8.66 million rupees. Following taxation adjustments that included a deferred tax benefit of 606,458 rupees, the loss after taxation was reported at 8.05 million rupees for the quarter. The basic and diluted loss per share was calculated at 0.69 rupees.

For the nine-month period, the company's net sales were not explicitly listed, but it incurred a gross loss of 23.39 million rupees. Administrative expenses totaled 6.10 million rupees, leading to an operating loss of 29.49 million rupees. The finance cost for this period was significantly lower than the previous year at 5,584 rupees. The company reported an income of 7.64 million rupees from other sources. The loss before taxation for the nine months was 21.85 million rupees, with a deferred tax adjustment providing a benefit of 1.82 million rupees. This resulted in a loss after taxation of 20.03 million rupees, translating to a loss per share of 1.73 rupees.

According to information available from the Pakistan Stock Exchange (PSX), the company's March 31, 2024, financial position showed issued, subscribed, and paid-up capital of 115.61 million rupees, with revenue reserves including a general reserve balance of 45.00 million rupees. Accumulated losses were reported at 712.73 million rupees, showing an increase over the previous period's 697.15 million rupees. The capital reserve, marked by the revaluation surplus on property, plant, and equipment, stood at 770.69 million rupees, down from 775.15 million rupees as of June 30, 2023.

Non-current liabilities, including provision for staff gratuity and deferred taxation, totaled 27.93 million rupees, while current liabilities, including trade and other payables, mark-up accrued on loans, and short-term borrowings, amounted to 585.47 million rupees.

The company's asset base included non-current assets valued at 792.24 million rupees and current assets totaling 38.92 million rupees. Cash and bank balances at the end of the period stood at 3.47 million rupees, reflecting a minor decrease from 3.55 million rupees at the beginning of the period.