Karachi, In a recent announcement, Dewan Salman Fibre Limited disclosed troubling financial results for the fiscal year ending June 30, 2023. The company's Board of Directors convened a meeting on September 26, 2023, to discuss various recommendations, including cash dividends, bonus shares, and rights shares, while also revealing an adverse audit conclusion.

For the fiscal year 2023, Dewan Salman Fibre Limited reported a significant loss in their financial statement. The sales figures remained undisclosed, while the cost of sales resulted in a substantial gross loss of Rs. 447,724,000. Operating expenses, coupled with administrative expenses, further exacerbated the situation, leading to an operating loss of Rs. 1,785,382,000. Finance costs, other charges, and other income contributed to a net loss of Rs. 2,191,928,000 before taxation.

The company's auditors expressed serious concerns regarding the going concern assumption. These concerns stem from the closure of operations, legal actions initiated by lenders due to non-payment of liabilities, a lack of provisioning for mark-up, valuation of investments in associated concerns, and failure to provide for doubtful debts. Additionally, issues with the physical verification of stocks and valuation of impairment of Property, Plant & Equipment added to the company's woes.

As a result of these financial challenges, Dewan Salman Fibre Limited reported a loss per share of Rs. 5.98 for the year, compared to a loss per share of Rs. 4.35 in the previous fiscal year. The company's financial outlook appears to be precarious.

The company announced that its Annual General Meeting is scheduled to take place on October 27, 2023, in Islamabad, Pakistan. Furthermore, the Share Transfer Books will remain closed from October 20, 2023, to October 27, 2023, inclusive.

Dewan Salman Fibre Limited faces a daunting task ahead as it seeks to address the adverse audit conclusion and navigate the financial challenges that have beset the company in the past year. Shareholders and stakeholders await further updates during the upcoming Annual General Meeting.