Karachi: Dewan Textile Mills Limited has announced its financial results for the fiscal year ended June 30, 2024, revealing substantial losses and operational challenges. The disclosure was made during a scheduled board meeting at Dawn Centre, Karachi, underscoring a troubling year for the textile company.

The company reported a net loss of 135.25 million rupees for the year, a significant decrease compared to the previous year's loss of 543.42 million rupees. The net sales plummeted to a negative 149.32 million rupees from the prior year's negative 188.70 million rupees. Administrative and general expenses were reported at 5.50 million rupees, showing a substantial decrease from the previous year's 15.60 million rupees.

According to information available from the Pakistan Stock Exchange (PSX), the financial performance reflects deeper issues, including a sharp reduction in finance costs from 397.97 million rupees in 2023 to 26.13 million rupees in 2024, and other charges that also saw a considerable reduction from 11.44 million rupees last year to 3.65 million rupees this year.

The company also noted that no dividends, bonus shares, or any other entitlements would be issued this year, and all price-sensitive information was marked nil. The adverse situation was further highlighted by the auditors' adverse opinion on the company's continuity due to operational shutdowns, repayment defaults, and non-provisioning of mark-up.

An annual general meeting is scheduled for October 24, 2024, in Karachi, with the company's share transfer books to be closed from October 17 to October 24, 2024. A scanned copy of the financial statements will be provided in compliance with PSX regulations prior to the AGM.