Karachi: Dewan Mushtaq Textile Mills Limited has released its financial results for the year ending June 30, 2024, revealing a challenging fiscal period with significant losses and no dividends for shareholders. The announcement, made following the Board of Directors meeting on February 9, 2026, at the company's headquarters in Karachi, highlighted a lack of cash dividends, bonus shares, right shares, or any other entitlements for the reporting period.

The statement of financial position as of June 30, 2024, showed an accumulation of losses totaling Rs. 818.90 million, compared to Rs. 697.15 million in the previous year. The company's issued, subscribed, and paid-up capital remained unchanged at Rs. 115.61 million, with revenue reserves also stagnant at Rs. 45 million. The capital reserve, reflecting a surplus on the revaluation of property, plant, and equipment, experienced a decrease to Rs. 769.21 million from Rs. 775.15 million.

According to information available from the Pakistan Stock Exchange (PSX), Dewan Mushtaq Textile Mills witnessed a big move with a 2.5% increase in deferred taxation liabilities, reaching Rs. 20.98 million from Rs. 23.40 million. Current liabilities, including trade and other payables, showed a decline to Rs. 38.52 million from Rs. 44.59 million, while short-term borrowings remained unchanged at Rs. 232.20 million.

The company's assets reflected a decrease in non-current assets, with property, plant, and equipment valued at Rs. 785.07 million, down from Rs. 813.66 million. Current assets also declined to Rs. 37.42 million from Rs. 44.51 million, highlighting a reduction in cash and bank balances to Rs. 6.64 million from Rs. 3.55 million at the beginning of the year.

The statement of cash flows for the year ended June 30, 2024, disclosed a net cash inflow from operating activities at Rs. 1.90 million, a significant improvement from a mere Rs. 71.53 in the previous year. However, net cash inflow from investing activities was reported at Rs. 1.20 million, while financing activities resulted in a net cash outflow of Rs. 5,558.

Sales figures showed no reported sales for the year 2024, compared to Rs. 3,866,660 in 2023, with the cost of sales amounting to Rs. 31.28 million. This resulted in a gross loss of Rs. 31.28 million, slightly improved from the previous year's loss of Rs. 43.75 million. Operating expenses were recorded at Rs. 15.88 million, leading to an operating loss of Rs. 47.16 million.

The financial report further detailed a finance cost of Rs. 5,558 and other income of Rs. 17.05 million, culminating in a loss before taxation of Rs. 30.12 million. After accounting for deferred taxation adjustments, the company reported a loss after taxation of Rs. 27.69 million, translating to a basic and diluted loss per share of Rs. 2.40.