The Meeting of the Board of Directors of the Company was held on Tuesday 18th April 2023 at 12:00 p.m. at its registered office to approve Un-Audited Financial Statements of the Company for the third quarter and nine months period ended on March 31, 2023.

During the period under report, the textile sector was suffering on multiple grounds (i) unavailability of raw materials (ii) sharp increase in finance cost due to increase in interest rates (iii) continuous devaluation in Pakistani rupee (iv) withdrawal of energy subsidy (v) unavailability of gas for captive power generation (vi) inconsistent policies of the government (vii) recession and slow down of economy.

During the period under report, the cost of other inputs including Salaries, Wages, Fuel and Power, Finance Cost/ Markup were also increased both in rate and quantum substantially affected the financial results of the Company. The Net Loss for three months was (Rs.83,182,374/-) for the third quarter ended on March 31, 2023 as compared to the Net Profit of Rs.39,585,748/- for the same period last year. Similarly the Net Loss for nine months was (Rs.187,609,919/-) for the nine months period ended on March 31, 2023 as compared to the Net Profit of Rs.141,462,796/- for the same period last year.

We are hopeful that the government will reduce the markup rates substantially and restore energy concessions as the industry is unable to survive because in the regional countries energy prices are much lower, making it impossible for the Pakistani textile sector to compete with them in the international market.