Gulistan Textile Mills Limited has transmitted its annual audited financial accounts for the year ended June 30, 2026, revealing significant operational challenges and a qualified audit opinion.
- The financial statements were prepared on a non-going concern basis due to the company's inability to continue operations.
- Revenue: PKR 0 (no sales reported).
- Loss after taxation: PKR (40.95M), compared to a loss of PKR (51.67M) in the previous year.
- Loss per share: PKR (2.16), down from PKR (2.72) in 2025.
- The audit report highlighted a qualified opinion due to unverified bank balances of PKR 23.74M and uncertainties regarding liabilities totaling PKR 79.1M and PKR 247.68M.
- The company is undergoing a restructuring process under a scheme of arrangement with creditors, which has led to significant litigation and financial distress.
- Total liabilities under the scheme amount to PKR 8.22B, with ongoing litigation against various banks.