Lahore: In its latest financial disclosure, Gulistan Textile Mills Limited has reported a substantial downturn in its results for the first quarter ended September 30, 2024. The company, headquartered at Garden Heights, New Garden Town, Lahore, announced that there will be no cash dividends, bonus shares, or rights shares issued, highlighting the challenges faced during the period.

The financial summary shows a significant reduction in net earnings, with the company recording a loss before taxation of 26.82 million rupees for the quarter, a stark contrast to the 14.34 million rupees loss reported during the same period in 2023. The total revenue for the quarter stood at 660.40 million rupees, down from the previous year’s 485.64 million rupees, indicating not only higher sales but less profitability.

According to information available from the Pakistan Stock Exchange (PSX), administrative and selling expenses have climbed to 34.80 million rupees from the previous year's 24.08 million rupees, contributing to the increased losses. Other operational costs remained consistent year-over-year, while finance costs saw a minor decrease.

The profit from operations before taxation reflects the increasing financial strain on Gulistan Textile Mills, with a downturn in operational profitability from last year's earnings. The board’s decision not to distribute dividends or other shareholder benefits underscores the need to conserve cash amid ongoing financial challenges.