Karachi: Gulshan Spinning Mills Limited has disclosed substantial financial losses for the fiscal year ended June 30, 2024. The detailed results revealed a continued downturn with increased losses compared to the previous year, as reported in the company's official financial statements.

In the fiscal year 2024, Gulshan Spinning Mills recorded a net loss of 13.98 billion Pakistani rupees, a marked increase from the loss of 33.61 billion rupees reported in 2023. This financial decline is accentuated by the company's loss per share, which deteriorated from a loss of 1.51 rupees per share in 2023 to 0.63 rupees in the recent fiscal year.

The financial breakdown shows a significant drop in sales, with the company not reporting any sales revenue for the year. The cost of sales also was not disclosed. The primary expenditures listed were selling and distribution expenses totaling 5.24 billion rupees and administrative and general expenses at 17.14 billion rupees.

According to information available from the Pakistan Stock Exchange (PSX), other notable figures include finance costs of 11.77 million rupees and a minor income from other sources amounting to 3.24 billion rupees. The company's losses before taxation and levies further ballooned to 13.98 billion rupees.

Additionally, the company confirmed that there would be no distribution of cash dividends, bonus shares, or rights shares for the year. This decision likely reflects the company’s efforts to stabilize its financial position.

Gulshan Spinning Mills also announced the closure of its transfer books from October 21 to October 28, 2024, which will coincide with the company's Annual General Meeting scheduled for October 28, 2024, at Karachi.