Karachi, In a recent announcement, Dewan Textile Mills Limited (DTML) revealed its grim financial performance for the year ending June 30, 2023, marked by a significant loss. The company's auditors have expressed an adverse opinion on the going concern assumption, citing the closure of operations and default in the repayment of restructured liabilities, along with related non-provisioning of mark-up.

The company's financial results for 2023 indicate a substantial loss of PKR 543,472,181, translating to a loss per share of 11.80 (both basic and diluted). In contrast, the previous year, 2022, reported a loss of PKR 340,924,812, with a loss per share of 7.40.

DTML's Board of Directors convened on September 26, 2023, in Karachi, Pakistan, where they recommended various entitlements and corporate actions to address the challenging financial situation. The recommendations encompassed cash dividends, bonus shares, right shares, and any other price-sensitive information. Surprisingly, the board indicated "Nil" for all these recommendations, implying that no immediate relief measures were proposed.

The company is set to hold its Annual General Meeting (AGM) on October 26, 2023, in Karachi, Pakistan, where shareholders will have the opportunity to address the concerning financial state and the auditors' adverse opinion.

To facilitate the AGM and related proceedings, the Share Transfer Books of Dewan Textile Mills Limited will be closed from October 19, 2023, to October 26, 2023, inclusive. This closure period will impact the transfer of shares during this time.

DTML, once a prominent player in the textile industry, now faces a challenging road ahead as it grapples with financial losses and concerns regarding its ability to continue operations. Shareholders and stakeholders will be keenly watching the developments during the upcoming AGM as the company navigates these troubled waters.