Board Meeting

The Meeting of the Board of Directors of the Company was held on Wednesday 28th October 2020 at 03:30 p.m. at its registered office to approve the unaudited Financial Statements for the first quarter period ended September 30, 2020 duly reviewed by the statutory auditors of the Company.

Despite challenges at internal as well as external fronts, especially owing to the coronavirus pandemic, decreasing production of cotton crop in the country due to non-availability of good quality seeds, disparity between the comparative prices of raw material (cotton & polyester) and yarn alongwith increase in financial cost effected the financial net results of the Company for the quarter. However, the management of the Company adopted the prudent strategy to put the company back on growth as is evident from the Company’s financial indicators. The performance of the Company during the quarter was satisfactory and earned Net After Tax Profit for the First Quarter ended on September 30, 2020 at Rs.10,377,480/- as compared to the Net After Tax Profit of Rs.2,560,129/- for the same period last year.

The management of the Company hope that cotton crop of Pakistan will improve in coming years for which the government must take effective measures to control issues of domestic cotton production by improving seed quality and technology to avoid cotton leaf curl virus, pink boll worm, white fly etc.

The management of the Company hope that, by the grace of Almighty Allah, the Company will achieve better financial results for the remaining period of the current financial year to end on June 30, 2021.