Jubilee Spinning & Weaving Mills : Transmission of Quarterly Report for the Period Ended 31.03.2023

Jubilee Spinning & Weaving Mills Limited

Condensed Interim Financial Information

Nine Month Accounts (Un-Audited)

March 31, 2023

1

Company Information

Board of Directors
Mr. Shaukat Shafi	(Chairman)
Mr. Shams Rafi	(Chief Executive Officer)
Mr. Salman Rafi
Mr. Usman Shafi
Mr. Aurangzeb Shafi
Mr. Adnan Amjad
Mr. Umer Shafi
Mrs. Sana Salman
Audit Committee
Mr. Adnan Amjad	(Chairman)
Mr. Usman Shafi	(Member)
Mr. Shaukat Shafi	(Member)
Company Secretary
Mr. Muhammad Zeeshan Saleem
Auditors
Riaz Ahmed & Company
Chartered Accountants
Legal Advisor
Arain Law Associates
Bankers

Habib Bank Limited

National Bank of Pakistan

Soneri Bank Limited

Standard Chartered Bank (Pakistan) Limited

Habib Metropolitan Bank Limited

Faysal Bank Limited

Allied Bank Limited

Registered Office

503-E, Johar Town

Lahore, Pakistan

Mills

B-28, Manghopir Road, S.I.T.E. Karachi

Directors' Report To The Shareholders

Dear Shareholders,

The Directors of your Company are pleased to present the results for the nine months ended March 31, 2023.

Net (Loss) / Profit

During the period under review, the company made a net loss of Rs. 3.189 million after charging costs, expenses and provisions. The result for the same period of the previous year was a net loss of Rs. 0.786 million.

Financial Results

The financial results of the company are summarized as follows:

	Rupees	Rupees
Year ended on	March 31, 2023	March 31, 2022
Revenue	4,374,029	3,136,356
Cost of Sales	(4,752,457)	(5,554,099)
Gross (Loss)/ Profit	(378,428)	(2,417,743)
Gross Profit/ (Loss) rate %	(9%)	(77%)
Selling, Admin and Other Operating Cost	(39,670,815)	(35,842,773)
Other Income	45,331,792	41,778,528
Finance Charges	(229,300)	(27,428)
Provision for Tax	(8,242,788)	(4,277,383)
Profit / (Loss) After Tax	(3,189,539)	(786,799)
Basic Profit / (Loss) Per Share	(0.10)	(0.02)

Revenue during the current period improved by Rs. 1.237 million (39.46%) and other income increased by Rs.

3.55 million (8.51%). However, the impact of inflation outpaced the revenue, resulting in a net loss for the Company.

The management continues to focus on improving profitability for the remaining quarter of this financial period and onward.

In closing, we would like to thank all our stakeholders for their continued support.

For and on behalf of the Board of Directors

Shams Rafi	Salman Rafi
Chief Executive Officer	Executive Director
Karachi
April 27, 2023

 

	
 2023 31		 



0.786  3.189  

		 
		
2022 	2023 	


3,136,356	4,374,029		
(5,554,009)	(4,752,457)		
(2,417,743)	(378,428)	
(77%)	(9%)	
(35,842,773)	(39,670,815)	   	
41,778,528	45,331,792	 
(27,428)	(229,300)	 
(4,277,383)	(8,242,788)	
(786,799)	(3,189,539)	 
(0.02)	(0.10)	   

 8.51%3.55  39.46%1.237 

  

     

	
	  
	
	2023 27

1