Board Meeting

The Meeting of the Board of Directors of the Company was held on Friday 28th October 2022 at 02:45 p.m. at its registered office to approve the unaudited Financial Statements for the first quarter ended September 30, 2022 of the Company.

During the first quarter of the financial year 2022-2023, the overall business remained challenging. The Textile Industry was adversely affected due to higher cost of fuel and power, increase in interest rates and increase in minimum wages. The devaluation in Pak Rupee led to higher cost of raw materials and imports which had its negative effect on the financial viability of the Company.

The recession in the world caused slowdown in demand which had a trickledown effect on the spinning mills which resulted in cutting down production capacity. Resultantly the mills remained closed for ten days in July 2022 while only one shift was operating in September 2022. Curtailment in the production capacity also adversely affected the performance of the Company. The Pre-Tax Loss was (Rs.34,705,718/-) which after providing for the tax liability amounted to (Rs.46,338,449/-) for the period.

EXTENSION PROJECT

By the grace of Almighty Allah, the extension of Spinning Unit No.2 is in progress and expected to be completed before December 2022. With this BMR/Extension, the mills production capacity will be increased quantitatively as well as qualitatively which will help to improve the viability of the Company.

The management of the Company is optimistic for future growth of the Company. The increase in capacity will help to achieve economies of scale.