Karachi: Gulistan Spinning Mills Limited has reported a notable financial turnaround for the fiscal year ending June 30, 2026. The company, which operates within the textile sector, has achieved a profit after taxation of 20,320,678 rupees, a significant improvement from the previous year's loss of 5,936,848 rupees. This development was detailed in the financial statements released on October 7, 2026.

The company's total assets rose to 67.27 million rupees from 54.51 million rupees in 2025. The increase is primarily attributed to a substantial rise in cash and bank balances, which grew to 21.14 million rupees compared to 8.53 million rupees the previous year. Current assets, including tax refunds due from the government and a disposal group under a scheme of arrangement, contributed to this positive shift in financial standing.

Despite the positive earnings, the company continues to face challenges with accumulated losses totaling 1.96 billion rupees, slightly reduced from 1.98 billion rupees in 2025. The liabilities, largely comprised of loans from associates and others, amounted to 1.73 billion rupees, reflecting a minor move from the previous year's 1.74 billion rupees.

According to information available from the Pakistan Stock Exchange (PSX), Gulistan Spinning Mills Limited's earnings per share improved to 1.39 rupees from a loss of 0.41 rupees per share in 2025. This marks a big move in the company's earnings performance.

The financial statements indicate that the company's profit before taxation and levies stood at 20.32 million rupees, a reversal from the prior year's loss of 5.75 million rupees. This turnaround is further supported by other income amounting to 28.59 million rupees, a substantial increase over the previous year's 1.15 million rupees.

Despite the challenges in administrative and operating expenses, which amounted to 8.26 million rupees, up from 6.90 million rupees in 2025, the company's financial health has shown considerable improvement. The finance cost remained low, increasing marginally to 4,398 rupees from 2,051 rupees in the previous year.

Gulistan Spinning Mills Limited's financial statements underscore the company's recovery efforts and strategic adjustments, contributing to its current profitability.