Karachi: Gulistan Textile Mills Limited has reported a challenging fiscal quarter, according to its recent Director's Report to Shareholders for the period ending September 30, 2024. The company posted a loss after taxation of PKR 2.89 million, continuing a trend from the previous year's similar quarter loss of PKR 2.44 million.

The Karachi-based company has taken significant steps toward financial restructuring, engaging with key lending institutions to initiate a debt restructuring scheme approved by the Sindh High Court. According to information available from the Pakistan Stock Exchange (PSX), this legal arrangement under sections 279 to 283 and 285 of the Companies Act 2017 is designed to alleviate financial pressures by resolving litigation with secured creditors.

The financial documents revealed that the company did not record any sales during the period, maintaining a static operational status similar to the previous year. The restructuring process, expected to conclude soon, aims to refine the company's future financial strategy and operational focus.

Acknowledging the difficult period, the company's management and Board of Directors expressed gratitude towards their employees for their dedication during these trying times. The company looks forward to completing the restructuring process, which is expected to better position Gulistan Textile Mills for future financial stability and growth.