Board Meeting

The Meeting of the Board of Directors of the Company was held on Saturday 25th February 2023 at 11:00 a.m. at its registered office to approve the Auditors’ Reviewed Financial Statements for the Six Month period ended December 31, 2022 of the Company.

During the six month period of the financial year 2022-2023, the overall demand of yarn and fabric reduced drastically due to recession in the world, economic and political instability and floods in the country. The Company’s sales were also affected due to shortage and inconsistent supply of raw materials. It was important to mention that sharp increase in mark up rates and devaluation in Pak Rupee also adversely affected the cost of production which added to the problems of the industry.

During the six month period under report, the total sales for the period were Rs.1,764,285,781/-as compared to Rs.2,357,428,843/-for the same period last year. The gross profit for the period was Rs.73,379,840/-as compared to Rs.246,517,890/- last year. The net loss after providing for tax amounted to (Rs.104,427,545/-) for the Six Month period ended December 31, 2022.

There is a grave apprehension that after removal of subsidy in the electricity tariff, increase in minimum wages and further expected increase in discount rates will lead the industry to curtail its operations. The government must look into the situation and intervene by adopting consistent and long term policies for the industry to increase exports and create more jobs. The government needs to cut down unnecessary and lavish spending and have a stable policy with regards to Dollar Rate, however, till such steps are not taken, the future of textile industry will be uncertain.