Media Times : Transmission of Quarterly Report for the Period Ended 2022-09-202022-

Media Times Limited

Condensed Unconsolidated Interim Financial Statements

For the First Quarter Ended

30 September 2022

	Media Times Limited
	Company Information
Board of Directors	Aamna Taseer (Chairman)	Non-Executive
	Shehryar Ali Taseer (CEO)	Executive
	Shahbaz Ali Taseer	Non-Executive
	Shehrbano Taseer	Non-Executive
	Rema Husain Qureshi	Non-Executive
	Ayesha Tammy Haq	Non-Executive
	Mohammad Mikail Khan	Independent
Chief Financial Officer	Mohammad Waheed Asghar
Audit Committee	Mohammad Mikail Khan (Chairman)
	Ayesha Tammy Haq (Member)
	Rema Husain Qureshi (Member)
Human Resource and	Mohammad Mikail Khan (Chairman)
Remuneration (HR&R)	Shehryar Ali Taseer (Member)
Committee	Shahbaz Ali Taseer (Member)
Company Secretary	Shahzad Jawahar
Auditors	M/s Junaidy Shoaib Asad,
	Chartered Accountants
Legal Advisers	M/s. Ibrahim and Ibrahim
	Barristers and Corporate Consultants
	Lahore
Bankers	Allied Bank Limited
	Bank Alfalah Limited
	Faysal Bank Limited
	Habib Metropolitan Bank Limited
Registrar and Shares	Corplink (Pvt.) Limited
Transfer Office	Wings Arcade, 1-K
	Commercial Model Town, Lahore
	Tele: + 92-42-5839182
Registered Office	First Capital House
	96-B/1, Lower Ground Floor
	M.M. Alam Road, Gulberg-III
	Lahore, Pakistan
	Tele: + 92-42-35778217-18

DIRECTORS' REVIEW

The Directors of Media Times Limited ("MTL" or "the Company") have pleasure in submitting their Review Report together with the Unconsolidated Interim Financial Statements of the Company for the nine months period ended September 30, 2022.

Financial Overview

The company during three months period of this financial year reported an after tax loss of Rs.32.4 million as compared to a loss of Rs. 14.3 million in corresponding period. Turnover has been decreased to Rs.24.5 million as compared to Rs.36.5 million in corresponding period. Cost of production increased to Rs. 27.1 million as compared to Rs.26.2 million in corresponding period.

Detailed results of the Company for the period are disclosed in the financial statements accompanying this report; however highlights for the period are as follows.

	September
	2022	2021
Profit and Loss Account	(Rs. in Millions)
Turnover	24	36
Gross Profit/Loss	(27)	(26)
Admin & Selling Expenses	(9)	(12)
Finance Cost	(19)	(13)
Loss after Taxation	(32)	(14.3)
EPS Basic & Diluted- (Rupees)	(0.18)	(0.08)

Future Prospects:

Increasing competitive environment, inflation, volatility of consumer demand will remain a challenge for the business. The management of the company is confident that by creating new revenue streams and advancement in technology, the company would be able to produce mark able results in future. Management of Media Times is fully committed in achieving excellence in all fields of its operations and maintaining the high standards of quality that Media Times is known for, both in terms of its products as well as its operational practices.

Acknowledgements

Directors take this opportunity to place on record their appreciation of the dedication and commitment of employees at all levels that has made MTL to become one of the leading media companies in Pakistan. MTL continues to rely on its employees for its future expansion and believes in the mutual sharing of rewards that are a result of the endeavors of its employees. Directors thank and express their gratitude for the support and co-operation received from the Central and State Governments and other stakeholders including viewers, producers, vendors, financial institutions, banks, investors, service providers as well as regulatory and governmental authorities.

For and on behalf of the Board of Directors

Lahore: 25 October 2022

Director

CEO/Director

Media Times Limited

Condensed Unconsolidated Interim Statement of Financial Position As at 30 September 2022

		(Un-Audited)		(Audited)
		30 September		30 June
		2022	2022
ASSETS	Note	(Rupees)		(Rupees)
NON CURRENT ASSETS
Property, plant and equipment	5	148,837,177		157,280,344
Right of use assets		97,280,341		98,171,390
Investment in Subsidiaries		100,000,000		100,000,000
Long term deposits		6,868,807		6,868,807
		352,986,325	362,320,541
CURRENT ASSETS
Trade debts
	43,647,289		46,532,932
Advances, prepayments and other receivables		1,909,293		4,254,204
Advance income tax - net		374,349		714,168
Cash and bank balances		1,179,264		4,174,491
		47,110,195	55,675,795
TOTAL ASSETS
	400,096,520	417,996,336
EQUITY AND LIABILITIES
Share capital and reserves
Authorized share capital
210,000,000 ordinary shares of Rs. 10/- each.		2,100,000,000	2,100,000,000
Issued, subscribed and paid up capital
	1,788,510,100		1,788,510,100
Share premium reserve		76,223,440		76,223,440
Accumulated loss		(2,840,409,153)		(2,808,392,474)
Total Equity		(975,675,613)	(943,658,934)
NON CURRENT LIABILITIES
Long term financing	6	408,404,307		408,404,307
Deferred Liabilities		19,846,576		19,846,576
Lease liability		110,509,918		106,962,931
		538,760,801	535,213,814
CURRENT LIABILITIES
Trade and other payables	7	440,527,151		442,970,963
Contract liability		5,939,193		5,939,193
Mark-up accrued		334,448,028		318,714,164
Short term borrowings		48,000,000		48,000,000
Lease liability		8,096,960		10,817,136
		837,011,332	826,441,456
Total Liabilities
	1,375,772,133	1,361,655,270
Contingencies and commitments	8	-		-
		400,096,520	417,996,336

(0.43)-

The annexed notes from 1 to 15 form an integral part of this condensed unconsolidated interim financial statements.

Lahore:

Chief Financial Officer

Chief Executive

Director

Media Times Limited

Condensed Unconsolidated Interim Statement of Profit or Loss

For The Period Ended 30 September 2022

		(Un-audited)			(Un-audited)
		30 September			30 September
		2022	2021
		(Rupees)			(Rupees)
Turnover - net		24,522,968	36,508,277
Cost of production		(27,178,979)		(26,219,401)
Gross Profit		(2,656,011)	10,288,876
Administrative expenses		(9,759,323)	(11,920,127)
Operating loss		(12,415,334)	(1,631,252)
Finance cost		(19,385,712)	(13,585,285)
Other income		128,812	1,273,104
Loss before taxation		(31,672,234)			(13,943,432)
Taxation	12	(344,445)	(456,353)
Loss after taxation
	(32,016,679)	(14,399,785)
Loss per share - basic and diluted	13	(0.18)	(0.08)

The annexed notes from 1 to 15 form an integral part of this condensed unconsolidated interim financial statements.

Lahore:

Chief Financial Officer

Director

Chief Executive