Quetta Textile Mills : Transmission of Quarterly Report for the Period Ended 31-03-2023

3RD QUARTER ACCOUNTS

FOR THE PERIOD ENDED

March 31, 2023 (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

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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 Sarfraz	Independent Director
Mr. Abbas Ali	Independent Director
AUDIT COMMITTEE
Chairman	Mr. Muhammad Sarfraz
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. Nudrat Mund Khan
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

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QUETTA TEXTILE MILLS LIMITED

DIRECTORS' REPORT

Assalam-e-Alaikum

Dear Shareholders:

We present to you the results of the company for the nine-month & quarter ended March 31, 2023.

Your company made a pre-tax loss of Rs. 533.905 million, as compared to the corresponding last nine- month pre-tax loss of Rs. 75.707 million. Turnover for the nine-month peroid ended was Rs. 2,753.960 million, as compared to corresponding last nine-month sales of Rs. 3,684.557. Pretax loss as a percentage comes to 19.39% for the nine-months period ended as compared to 2.05% which was corresponding last nine-monthspre-tax loss.

The loss incurred by the company is due to increase in cost of sales, mainly under salaries & wages, raw material, electricity and gas charges. The IMF bail out package for Pakistan has resulted in withdrawal of subsidry on WAPDA tariff. This has increased electricity prices by around Rs. 15 per kwh. The on-going political instablity, increase in prices of electricity and sharp devaluation of PKR are adversely affecting the business of the company.

With world-wide recession and slow global growth, Pakistan's economy is facing serious challenges in the wake of shrinking FX reserves, depriciating currency and exceptionally high inflation. SBP's increase in policy rate to 21% is significantly effecting demand for textiles.

The managementis not hopeful of revival of spinning & weaving industry in Pakistan immediately. We expect the next quarter to be uncertain and full of challenges.

In the end, I would like to thank all the staff and workers of the company and the supporting financial institutions for their confidence and efforts shown towards the company in its difficult time.

On behalf of the Board of Directors,

Tariq Iqbal

Omer Khalid

Chief Executive Officer

Director

Karachi:

Dated: April 28, 2023

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