Interim Financial Quarter Ended March 31, 2026 (Un-Atudited)
SALLY TEXTILE MILLS LIMITEDCONTENTS
Company Information
Directors' Report
Condensed Interim Balance Sheet
Condensed Interim Profit and Loss Account
Condensed Interim Statement of Other Comprehensive Income
Condensed Interim Cash Flow Statement
Condensed Interim Statement of Changes in Equity
Notes to the Condensed Interim Financial Information
Company Information
Mian Iqbal Salahuddin Chief Executive Officer
Mr. Abid Ali Bajwa Chief Financial Officer
Syed Abid Raza Zaidi Company Secretary
Board of Directors Mian Iqbal Salahuddin Mst. Munira Salahuddin Mian Yousaf Salahuddin Mian Asad Salahuddin Mian Sohail Salahuddin Muhammad Khalil Latif Syed Abid Raza Zaidi
Audit Committee
Muhammad Khalil Latif (Chairman) Mian Asad Salahuddin (Member) Mian Sohail Salahuddin (Member)
Human Resources & Remuneration Committee
Mst. Munira Salahuddin (Chairperson) Mian Sohail Salahuddin (Member) Syed Abid Raza Zaidi (Secretary)
Auditors
H.A.M.D. & Co., Chartered Accountants
Bankers
National Bank of Pakistan The Bank of Punjab
Silk Bank Limited Meezan Bank Limited Habib Bank Limited
Registered Office
2-S, Gulberg II, Lahore Phones: (042) 35759002
Fax: (042) 35754394
E-mail: sallytex@hotmail.com
Mills
Muzaffargarh Road, Joharabad, District Khushab
Phones: (0454) 720645, 720546, 720311
Director's Report OverviewThe Board of Directors presents the un-audited financial results of Sally Textile Mills Limited for the nine months ended March 31, 2026. The Company has remained shut since 2018, with no operational activity or turnover during the period under review. The financial results therefore reflect only unavoidable administrative expenses and residual overheads.
Financial PerformanceDescription | Nine Months Ended Mar 31, 2026 Rupees '000' | Nine Months Ended Mar 31, 2025 Rupees '000' | Three Months Ended Mar 31, 2026 Rupees '000' | Three Months Ended Mar 31, 2025 Rupees '000' |
Turnover (Net) | - | - | - | - |
Gross Loss | (20,792) | (21,894) | (6,830) | (7,192) |
Loss Before Taxation | (25,084) | (25,878) | (8,249) | (8,622) |
Loss After Taxation | (25,084) | (25,878) | (8,249) | (8,622) |
The Company's financial condition remains weak, with no improvement since the closure of operations in 2018. Losses reported are solely attributable to administrative expenses and residual overheads. Although cost of sales have slightly decreased compared to last year, the overall financial position continues to reflect the absence of business activity.
Future OutlookManagement acknowledges the ongoing challenges and remains committed to maintaining compliance with statutory requirements. The Board continues to explore any viable opportunities for revival, while ensuring that administrative costs are kept under strict control.
AcknowledgmentThe Board expresses gratitude to shareholders, staff, and stakeholders for their continued support and patience during this prolonged period of inactivity. The Company remains dedicated to preserving its corporate standing and fulfilling all regulatory obligations.
For and on behalf of the Board
April 27, 2026 Mian Iqbal Salahuddin
Lahore. Chief Executive Officer
SALLY TEXTILE MILLS LIMITED
Condensed Interim Balance Sheet (Un-audited)
as at March 31, 2026
Un-Audited | Audited | |||
Note | March 31 2026 | June 30 2025 | ||
Rupees '000 | Rupees '000 | |||
EQUITY AND LIABILITIES | ||||
Autherized share capital | ||||
20,000,000 ordinary shares of Rs. 10 each | 200,000 | 200,000 | ||
Share capital and reserves | ||||
Issued, subscribed and paid-up capital | 87,750 | 87,750 | ||
Surplus on revaluation of property, plant and equipment | 200,976 | 200,976 | ||
Loan from sponsors | 865,639 | 861,520 | ||
Accumulated Loss | (1,668,367) | (1,643,283) | ||
(514,002) | (493,037) | |||
Non-current liabilities | ||||
Employees retirement benefits | 101,907 | 101,907 | ||
Deferred taxation | 19,342 | 19,342 | ||
121,249 | 121,249 | |||
Current liabilities | ||||
Trade and other payables | 418,172 | 418,172 | ||
Unclaimed Dividend | 1,010 | 1,010 | ||
Short term borrowings - Secured | 8 | 722,545 | 722,545 | |
Accrued interest/mark-up | 386,279 | 386,279 | ||
Current portion of non current liabilities | 310,833 | 310,833 | ||
1,838,839 | 1,838,839 | |||
Contingencies and commitments | 9 | - | - | |
TOTAL LIABILITIES | 1,446,087 | 1,467,052 |
SALLY TEXTILE MILLS LIMITED
Condensed Interim Balance Sheet (Un-audited)
as at March 31, 2026
Un-Audited | Audited | |||
Note | March 31 2026 | June 30 2025 | ||
Rupees '000 | Rupees '000 | |||
ASSETS | ||||
Non-current assets | ||||
Property, plant and equipment | 10 | 674,785 | 695,750 | |
Long term deposits - Unsecured, Considered good | 11,244 | 11,244 | ||
686,029 | 706,993 | |||
Current assets | ||||
Stores, spares and loose tools | 37,406 | 37,406 | ||
Stock in trade | 11 | 565,440 | 565,440 | |
Trade debts | 96,588 | 96,588 | ||
Short Term Deposit | 1,613 | 1,613 | ||
Advances, prepayments and other receivables | 44,617 | 44,617 | ||
Current taxation | 11,765 | 11,765 | ||
Cash and bank balances | 2,629 | 2,629 | ||
760,059 | 760,059 | |||
TOTAL ASSETS | 1,446,087 | 1,467,052 |
The annexed notes from 1 to 13 form an integral part of this condensed interim financial information
SALLY TEXTILE MILLS LIMITED
Condensed Interim Profit Or Loss Account (Un-audited)
for the nine month ended March 31, 2026
Nine Months Ended | ||
March 31 2026 | March 31 2025 | |
Three Months Ended | ||
March 31 2026 | March 31 2025 | |
Rupees '000 (Un-Audited) | Rupees '000 (Un-Audited) | Rupees '000 (Un-Audited) | Rupees '000 (Un-Audited) | ||||
Turnover - net Cost of sales | -(20,792) | -(21,894) | -(6,830) | -(7,192) | |||
Gross Profit / (Loss) | (20,792) | (21,894) | (6,830) | (7,192) | |||
Selling and distribution expenses Administrative and general expenses | - (4,292) | - (3,984) | - (1,420) | - (1,430) | |||
Other operating income | (4,292) - | (3,984) - | (1,420) - | (1,430) - | |||
Operating Profit / (Loss) | (25,084) | (25,878) | (8,249) | (8,622) | |||
Finance cost Notional interest Other charges | - - - | - - - | - - - | - - - | |||
Loss before taxation | (25,084) | (25,878) | (8,249) | (8,622) | |||
Taxation | - | - | - | - | |||
Loss after taxation | (25,084) | (25,878) | (8,249) | (8,622) | |||
Loss per share - basic and diluted | (2.86) | (2.95) | (0.94) | (0.98) |
The annexed notes from 1 to 13 form an integral part of this condensed interim financial information
SALLY TEXTILE MILLS LIMITED
Condensed Interim Statement of Other Comprehensive Income (Un-audited)
for the nine month ended March 31, 2026
Nine Months Ended | ||
March 31 2026 | March 31 2025 | |
Three Months Ended | ||
March 31 2026 | March 31 2025 | |
Rupees '000 (Un-Audited) | Rupees '000 (Audited) | Rupees '000 (Un-Audited) | Rupees '000 (Un-Audited) | ||||
Items that may be reclassified subsequently to profit or loss | - | - | - | - | |||
Items that will not be reclassified to profit or loss | |||||||
Incremental depreciation | - | - | - | ||||
Other comprehensive income before taxation | - | - | - | - | |||
Taxation | - | - | - | - | |||
Other comprehensive income after taxation | - | - | - | - | |||
Loss after taxation | (25,084) | (25,878) | (8,249) | (8,622) | |||
Total comprehensive Loss | (25,084) | (25,878) | (8,249) | (8,622) |
The annexed notes from 1 to 13 form an integral part of this condensed interim financial information
SALLY TEXTILE MILLS LIMITED
Condensed Interim Cash Flow Statement (Un-audited)
for the nine month ended March 31, 2026
March 31 2026 Rupees '000 | March 31 2025 Rupees '000 | ||
(Un-Audited) | (Un-Audited) | ||
CASH FLOW FROM OPERATING ACTIVITIES | |||
Loss before taxation | (25,084) | (25,878) | |
Adjustments for non-cash and other items | |||
Interest / markup on borrowings | - | - | |
Notional interest | - | - | |
Provision for employees retirement benefits | - | - | |
Depreciation | 20,965 | 22,100 | |
20,965 | 22,100 | ||
Operating Cashflow before changes in working capital | (4,119) | (3,778) | |
Changes in working capital | |||
Stores, spares and loose tools | - | - | |
Stock in trade | - | - | |
Trade debts | - | - | |
Advances, prepayments and other receivables | - | - | |
Trade and other payables | - | 9 | |
- | 9 | ||
Cash generated from operations | (4,119) | (3,769) | |
Payments for: | |||
Employees retirement benefits | - | - | |
Interest/markup on borrowings | - | - | |
Income tax | - | - | |
Net cash flow from operating activities | - | - | |
CASH FLOW FROM FINANCING ACTIVITIES | |||
Net Increase /(decrease) in short term borrowings | - | - | |
Loan from sponsors | 4,119 | 3,769 | |
Net cash used in financing activities | 4,119 | 3,769 | |
Net increase/(decrease) in cash and cash equivalents | - | - | |
Cash and cash equivalents as at beginning of the year | 2,629 | 2,629 | |
Cash and cash equivalents as at end of the year | 2,629 | 2,630 |
-
The annexed notes from 1 to 13 form an integral part of this condensed interim financial information
SALLY TEXTILE MILLS LIMITED
Condensed Interim Statement of Changes In Equity (Un-audited)
for the nine month ended March 31, 2026
Issued subscribed and Paid-up Capital | Surplus on revaluation of properity, palnt | Loan from sponsors | Accumulated Profit / (Losses) | Total Equity |
Rupees in thousand | ||||
Blance as at June 30, 2024 Comprehensive income | 87,750 | 204,118 | 853,226 | (1,617,228) | (472,134) |
Loss after taxation for the period | - | - | - | (25,878) | (25,878) |
Other comprehensive income | - | - | - | - | |
Total comprehensive Loss | - | - | - | (25,878) | (25,878) |
Transaction with owners | - | - | 3,769 | - | 3,769 |
Balance as at March 31, 2025 Un-audited | 87,750 | 204,118 | 856,995 | (1,643,106) | (494,243) |
Comprehensive income | |||||
Loss after taxation for the period | - | - | - | (3,319) | (3,319) |
Other comprehensive Loss | - | - | - | - | |
Total comprehensive Loss | - | - | - | (3,319) | (3,319) |
Incremental deprication Transaction with owners/sponsors - reclassification | (3,142) | 4,525 | 3,142 | - 4,525 | |
Blance as at June 30, 2025 | 87,750 | 200,976 | 861,520 | (1,643,283) | (493,037) |
Comprehensive income | |||||
Loss after taxation for the period | - | - | - | (25,084) | (25,084) |
Other comprehensive income | - | - | - | - | |
Total comprehensive Loss | - | - | - | (25,084) | (25,084) |
Transaction with owners | 4,119 | 4,119 | |||
Balance as at March 31, 2026 Un-audited | 87,750 | 200,976 | 865,639 | (1,668,367) | (514,002) |
The annexed notes from 1 to 13 form an integral part of this condensed interim financial information
SALLY TEXTILE MILLS LIMITED
Notes to the Condensed Interim Finanacial Information (Un-audited)
for the nine month ended March 31, 2026
REPORTING ENTITY
Sally Textile Mills Limited ('the Company') is incorporated in Pakistan as a Public Limited Company under the Companies Ordinance, 1984 and is listed on Pakistan Stock Exchange Limited. The Company is a Spinning unit engaged in the manufacture and sale of yarn. The registered office of the Company is situated at 2-S, Gulberg II, Lahore. The manufacturing unit is located at Joharabad District Khushab in the Province of Punjab.
STATEMENT OF COMPLIANCE
These condensed interim financial statements have been prepared in accordance with approved accounting standards as applicable in Pakistan and the requirements of Companies Ordinance, 1984. Approved accounting standards comprise of such International Financial Reporting Standards ('IFRSs') issued by the International Accounting Standards Board as notified under the provisions of the Companies Ordinance, 1984, provisions of and directives issued under the Companies Ordinance, 1984. In case requirements differ, the provisions of or directives under the Companies Ordinance, 1984 prevail.
BASIS OF MEASUREMENT
These condensed interim financial statements have been prepared under the historical cost convention except for certain financial instruments at fair value/amortized cost. In these condensed interim financial statements, except for the amounts reflected in the cash flow statement, all transactions have been accounted for on accrual basis.
JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions and judgements are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the result of which forms the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected.
FUNCTIONAL CURRENCY
These condensed interim financial statements have been prepared in Pak Rupees which is the Company's functional currency.
SIGNIFICANT ACCOUNTING POLICIES
The accounting policies adopted for the preparation of these financial statements are consistent with those applied in the preparation of the preceding annual financial statements of the company for the year ended June 30, 2024.
PROVISION FOR TAXATION
No Provision for the current tax has been made under Sec 113 of the Income Tax Ordinance, 2001, due to losses.
No provision of deferred tax has been made as the impact of the same is either NIL or considered to be immaterial.
SALLY TEXTILE MILLS LIMITED
Notes to the Condensed Interim Finanacial Information (Un-audited)
for the nine month ended March 31, 2026
Un-Audited
Audited
March 31
June 30
Note
2026
2025
Rupees '000
Rupees '000
8 SHORT TERM BORROWINGS - SECURED
These represent short term finances obtained from:
Banking companies
722,537,650
722,537,650
Directors and sponsors
7,281
7,281
722,544,931
722,544,931
9 CONTINGENCIES AND COMMITMENTS
There are no known contingenies and commitments as at the reporting date.
10 PROPERTY, PLANT AND EQUIPMENT
Net book value at the beginning of the period/year
695,749,734
725,189,751
Additions during the period / year:
Freehold land
-
-
Buildings on freehold land
-
-
Plant and machinery
-
-
Electric installations
-
-
Tools and equipment
-
-
Laboratory equipment
-
-
Fire fighting equipment
-
-
Office equipment
-
-
Furniture and fixtures
-
-
Arms and ammunitions
-
-
Vehicles
-
-
-
-
Net book value of assets disposed during the period/year
-
-
Depreciation for the period/year
(20,964,791)
(29,440,017)
Net book value at end of the period/year
674,784,943
695,749,734
11 STOCK IN TRADE
Raw material stock
456,545,598
456,545,598
Finished goods - Yarn
108,894,900
108,894,900
565,440,498
565,440,498
DATE OF AUTHERIZATION
These condensed interim financial information have been approved by the Board of Directors of the Company and autherized for issue on 27-04-2026.
GENERAL
There are no other significant activities since 30 June-2025 that may effect these condensed interim financial information
Comparitive figures have been re-arranged where necessary to facilitate comparision.However, there are no significant reclassifications during the period.
Figures have been rounded off to the nearest thousand rupee.
UNDER POSTAL CERTIFICATE
REGISTERED OFFICE :
2-S Gulberg II, Lahore. Phones : 042 - 35759002
Fax : 042 - 35754394
E-mail: sallytex@hotmail.com