Quetta Textile Mills : Transmision of Quarterly Report for the Period Ended 31-03-2024

3rd QUARTER ACCOUNTS

FOR THE PERIOD ENDED

MARCH 31, 2024 (UN-AUDITED)

QUETTA TEXTILE MILLS LIMITED

QUETTA TEXTILE MILLS LIMITED

CONTENTS

Company Information	2
Director's Report to the Members (English)	3
Director's Report to the Members (Urdu)	4
Condensed Interim Statement of Financial Position	5
Condensed Interim Statement of Profit or Loss (Un-audited)	6
Condensed Interim Statement of Other Comprehensive Income (Un-audited)	7
Condensed Interim Statement of Changes in Equity (Un-audited)	8
Condensed Interim Statement of Cash Flows (Un-audited)	9
Notes to the Condensed Interim Financial Statements (Un-audited)	10-12

1

QUETTA TEXTILE MILLS LIMITED

COMPANY INFORMATION

BOARD OF DIRECTORS

Mr.	Tauqir Tariq	Chairman
Mr.	Tariq Iqbal	Chief Executive
Mr.	Asim Khalid	Director
Mr.	Omer Khalid	Director
Mrs. Saima Asim	Director
Mr. Muhammad Saeed	Independent Director
Mr. Abbas Ali	Independent Director
AUDIT COMMITTEE
Chairman	Mr. Muhammad Saeed
Member	Mr. Tauqir Tariq
Member	Mr. Asim Khalid
HUMAN RESOURCE & REMUNERATION
COMMITTEE
Chairman	Mr. Abbas Ali
Member	Mr. Tariq Iqbal
Member	Mrs. Saima Asim
CHIEF FINANCIAL OFFICER	Mr. Omer Khalid
COMPANY SECRETARY	Mr. Muhammad Ashraf Rathore
AUDITORS	Mushtaq and Company Chartered Accountants
SHARE REGISTRAR	C & K Management Associates (Pvt) Ltd
		404, Trade Tower, Abdullah Haroon Road, Near
		Metropole Hotel, Karachi-75530.
BANKERS	Allied Bank Limited
		Al-Baraka Bank (Pakistan) Limited
		Bank Alfalah Limited
		Bank Islami (Pakistan) Limited
		Dubai Islamic Bank (Pakistan) Limited
		Faysal Bank Limited
		Habib Bank Limited
		Habib Metro Bank Limited
		Meezan Bank Limited
		National Bank of Pakistan
		Soneri Bank Limited
		Silk Bank Limited
		Standard Chartered Bank (Pakistan) Limited
		Summit Bank Limited
		United Bank Limited
REGISTERED OFFICE	Nadir House (Ground Floor)
		I. I. Chundrigar Road, Karachi
MILLS	P/3 & B/4, S.I.T.E., Kotri.
		49 K.M., Lahore, Multan Road, Bhai Pheru
WEB SITE ADDRESS	www.quettagroup.com

2

QUETTA TEXTILE MILLS LIMITED

DIRECTORS' REPORT

Assalam-e-Alaikum

Dear Shareholders:

We present to you the results of the company for the quarter ended March 31, 2024.

Your company made a pre-tax loss of Rs. 420.396 million, as compared to the corresponding last Quarter pre-tax loss of Rs. 533.905 million and Turnover recorded for the Quarter ended was Rs. 607.203 million, as compared to corresponding last half year's sales of Rs. 2,753.960 million. Pretax loss as a percentage come to 69.23% for the nine-months period ended as compare to 19.39% which was correspondence last nine-months pretax loss.

The textile industry is going through severe crisis due to very high electricity and gas prices, shortage of system gas supply, double digit inflation and high cost of doing business. Street crime and law and order situation is on the rise which is again putting off foreign buyers to come.

The directors are still committed to run the business despite the financial issues being faced by the Company.

I would like to thank all the staff and workers of the company for their efforts shown towards the company at this difficult time.

On behalf of the Board of Directors,

Tariq Iqbal	Omer Khalid
Chief Executive Officer	Director

Karachi:

Dated: April 29, 2024

3

4

QUETTA TEXTILE MILLS LIMITED

STATEMENT OF FINANCIAL POSITION
AS AT MARCH 31, 2024	[Un-Audited]		[Audited]
	31-Mar-24		30-Jun-23
Note	Rupees		Rupees

ASSETS

NON CURRENT ASSETS

Property, plant and equipment

5

Long term deposits

CURRENT ASSETS

10,302,244,313

65,991,433

10,368,235,746

10,440,680,485

51,861,020

10,492,541,505

Stores and spares

Stock in trade6 Trade debts

Other financial assets

Advances, deposits, prepayments and other receivable

Taxation -Net

Cash and bank balances

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Authorized capital

20,000,000 (June 30, 2023: 20,000,000) ordinary shares of Rs. 10 each

15,000,000 (June 30, 2023: 15,000,000) preference shares of Rs. 10 each

Issued, subscribed and paid-up capital

Reserves

Equity portion of Loan from directors and others

Revaluation surplus on property, plant and equipment

Accumulated (loss)

NON CURRENT LIABILITIES

Long term finances

Deferred liabilities

CURRENT LIABILITIES

Trade and other payables

Accrued mark-up

Short term borrowings

Loan from directors and others

Current portion of

Long term finances

Redeemable capital - Sukuk

Liabilities against assets subject to finance lease

Unclaimed dividend

CONTINGENCIES AND COMMITMENTS

7

The annexed notes form an integral part of these condensed interim financial information.

579,095,714

2,993,685,780

115,480,355

117,953,254

54,112,777

727,256,495

21,131,187

4,608,715,562

14,976,951,308

200,000,000

150,000,000

350,000,000

130,000,000

766,751,200

212,728,470

7,121,850,751

(4,672,112,627)

3,559,217,794

500,313,564

41,831,341

542,144,905

5,846,925,373

1,064,351,038

1,944,857,386

109,066,357

1,280,727,794

611,335,643

18,288,552

36,467

10,875,588,610

-

14,976,951,308

593,315,735

2,947,751,349

129,818,043

124,153,680

72,512,536

595,389,783

13,235,499

4,476,176,625

14,968,718,130

200,000,000

150,000,000

350,000,000

130,000,000

766,751,200

212,728,470

7,178,781,469

(4,300,820,254)

3,987,440,885

517,683,564

88,573,620

606,257,184

5,330,839,250

1,036,252,984

1,954,496,425

109,066,357

1,314,704,383

611,335,643

18,288,552

36,467

10,375,020,061

-

14,968,718,130

Chief Executive

Director

Chief Financial Officer

5

QUETTA TEXTILE MILLS LIMITED

CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UN-AUDITED) FOR THE NINE MONTHS PERIOD ENDED 31ST MARCH 2024

Note

Nine Months Period Ended

31-Mar-24		31-Mar-23
Rupees		Rupees

Quarter Ended

31-Mar-24		31-Mar-23
Rupees		Rupees

Sales
Cost of sales	8

Gross (loss)

Other income

Distribution cost

Administrative expenses

Finance cost

(Loss) before taxation

Provision for taxation

Current tax

Deferred/prior

(Loss) for the period

(Loss) per share - basic and diluted

607,202,655

(974,292,632)

(367,089,977)

22,391,966

(344,698,011)

(3,597,301)

(36,753,909)

(35,346,530)

(75,697,740)

(420,395,750)

(7,575,422)

(251,919)

(7,827,341)

(428,223,091)

(32.94)

2,753,959,733

(3,366,083,579)

(612,123,845)

185,049,978

(427,073,867)

(8,261,038)

(72,893,238)

(25,676,497)

(106,830,773)

(533,904,640)

(34,103,591)

(379,642)

(34,483,233)

(568,387,872)

(43.72)

177,076,117

(329,954,877)

(152,878,760)

14,692,141

(138,186,618)

(1,151,032)

(13,093,091)

(14,208,464)

(28,452,587)

(166,639,205)

(2,213,451)

-

(2,213,451)

(168,852,656)

(12.99)

1,022,527,589

(1,222,417,055)

(199,889,465)

11,471,038

(188,418,427)

(2,464,209)

(25,021,779)

(9,529,279)

(37,015,268)

(225,433,694)

(12,680,011)

-

(12,680,011)

(238,113,705)

(18.32)

The annexed notes form an integral part of these condensed interim financial information.

Chief Executive

Director

Chief Financial Officer

6

QUETTA TEXTILE MILLS LIMITED

CONDENSED INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME (UN-AUDITED) FOR THE NINE MONTHS PERIOD ENDED 31ST MARCH 2024

	Nine Months Period Ended
	31-Mar-24		31-Mar-23
	Rupees		Rupees
(Loss) for the period	(428,223,091)	(568,387,872)
Other comprehensive income

Quarter Ended

31-Mar-24		31-Mar-23
Rupees		Rupees
(168,852,656)	(238,113,705)

Items that may not be re-classified subsequently to Profit or loss :

Actuarial loss on remeasurement of employees retirement benefits - gratuity

Related deferred tax on remeasurement of employees retirement benefits - gratuity

Other comprehensive (loss) for the period

Total comprehensive (loss) for the period

-

-

-

(428,223,091)

-

-

-

(568,387,872)

-

-

-

(168,852,656)

-

-

-

(238,113,705)

The annexed notes form an integral part of these condensed interim financial information.

Chief Executive

Director

Chief Financial Officer

7

QUETTA TEXTILE MILLS LIMITED

CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED)

FOR THE NINE MONTHS PERIOD ENDED 31ST MARCH 2024

Nine Months Period Ended

Note

CASH FLOWS FROM OPERATING ACTIVITIES

31-Mar-24		31-Mar-23
Rupees		Rupees

(Loss) before taxation

Adjustments for: Depreciation Amortization Finance cost

Provision for appreciation in the value of investment Profit on sale of property plant & equipment Provision for gratuity

Profit & (Loss) before working capital changes

(Increase) / decrease in current assets Stores, spare parts and loose tools Stock in trade

Trade debts

Advances, deposits, prepayments and other receivable

Otherf financial assets

(Decrease) / increase in current liabilities Trade and other payables

CASH FLOWS FROM OPERATING ACTIVITIES

(420,395,750)

137,691,472

-

35,346,530

-

(1,255,301)

11,802,072

183,584,773

(236,810,977)

14,220,021

(45,934,431)

14,337,688

18,399,759

6,200,426

7,223,463

516,086,123

(533,904,640)

141,877,981

426,095

25,676,497

(3,137)

(1,307,158)

35,881,846

202,552,124

(331,352,516)

7,116,713

393,898,218

83,523,922

1,528,889

(8,789,319)

477,278,423

178,231,870

Cash generated from operations

Long term deposits

Interest paid

Gratuity paid

Taxes paid

Cash flows from operating activities

CASH FLOWS FROM INVESTING ACTIVITIES

286,498,609

(14,130,413)

(7,248,476)

(58,544,351)

(139,694,053)

(219,617,293)

66,881,316

324,157,777

-

(165,201,052)

(22,114,508)

(44,179,136)

(240,494,697)

83,663,081

Purchase of property, plant and equipment Proceeds from sale of property, plant and equipment

Cash (used in) investing activities

CASH FLOWS FROM FINANCING ACTIVITIES

-

2,000,000

2,000,000

(25,350,830)

1,425,000

(23,925,830)

Long term finances

Short term borrowings

Net increase/(decrease) in cash and cash equivalents

Cash and cash equivalent at the beginning of the period

Cash and cash equivalent at the end of the period

The annexed notes form an integral part of these condensed interim financial information.

(51,346,588)

(9,639,039)

(60,985,627)

7,895,689

13,235,499

21,131,188

(1,318,875)

(52,292,194)

(53,611,069)

6,126,182

37,872,850

43,999,032

Chief Executive

Director

Chief Financial Officer

8

QUETTA TEXTILE MILLS LIMITED

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED) FOR THE NINE MONTHS PERIOD ENDED 31ST MARCH 2024

Share Capital

Reserves

Share		Capital		General		Sub total
premium		reserve		reserve

Loan from

directors and

others

Revaluation

surplus on

property, plant and equipment

Accumulated

(loss)

Total equity

R u p e e s

Balance as at July 01, 2022- Audited

Net (loss) for the period

Total comprehensive income for the period

Revaluation surplus on property, plant and equipment (incremental depreciation) - net of deferred tax

Balance as at March 31, 2023

(Loss) for the remaining period Comprehensive (loss) for the remaining period

Revaluation surplus on property, plant and equipment (incremental depreciation) - net of deferred tax

Reversal of Surplus Due to Disposal of Plant & Machinery

Balance as at July 01, 2023 - Audited

Net (loss) for the period

Total comprehensive income for the period

Revaluation surplus on property, plant and equipment (incremental depreciation) - net of deferred tax

Balance as at March 31, 2024

130,000,000

-

-

-

-

130,000,000

-

-

-

-

-

130,000,000

-

-

-

-

130,000,000

651,750,000

-

-

-

-

651,750,000

-

-

-

-

-

651,750,000

-

-

-

-

651,750,000

1,200

-

-

-

-

1,200

-

-

-

-

-

1,200

-

-

-

-

1,200

115,000,000

-

-

-

-

115,000,000

-

-

-

-

-

115,000,000

-

-

-

-

115,000,000

766,751,200

-

-

-

-

766,751,200

-

-

-

-

-

766,751,200

-

-

-

-

766,751,200

212,728,470

-

-

-

-

212,728,470

-

-

-

-

-

212,728,470

-

-

-

-

212,728,470

7,254,689,092

-

-

-

(80,184,110)

7,174,504,982

-

-

-

4,276,486

-

7,178,781,469

-

-

-

(56,930,718)

7,121,850,751

(3,468,239,489)

(568,387,872)

-

(568,387,872)

80,184,110

(3,956,443,251)

(416,680,369)

76,579,850

(340,100,519)

(4,276,486)

-

(4,300,820,254)

(428,223,091)

-

(428,223,091)

56,930,718

(4,672,112,627)

4,895,929,274

(568,387,872)

-

(568,387,872)

-

4,327,541,401

(416,680,369)

76,579,850

(340,100,519)

-

-

3,987,440,885

(428,223,091)

-

(428,223,091)

-

3,559,217,794

The annexed notes form an integral part of these condensed interim financial information.

Chief Executive

Director

Chief Financial Officer

9