REVIEWED FINANCIAL STATEMENT
FOR THE HALF YEAR ENDED
DECEMBER 31, 2022
(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 |
Independent Auditor Review Report | 5 - 6 |
Condensed Interim Statement of Financial Position | 7 |
Condensed Interim Statement of Profit or Loss (Un-audited) | 8 |
Condensed Interim Statement of Other Comprehensive Income (Un-audited) | 9 |
Condensed Interim Statement of Changes in Equity (Un-audited) | 10 |
Condensed Interim Statement of Cash Flows (Un-audited) | 11 |
Notes to the Condensed Interim Financial Statements (Un-audited) | 12-14 |
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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 half year & quarter ended December 31, 2022.
Your company made a pre-tax loss of Rs. 308.471 million, as compared to the corresponding last half- year pre-tax loss of Rs. 37.501 million and Turnover recorded for the half year ended was Rs. 1,731.132 million, as compared to corresponding last half year's sales of Rs. 2,579.713 million.
Due to world recession, demand for textile products has been on a decline. This has resulted a fall in demand and prices in the local market also.
Customers are carring high level of stocks with a drop in demand, resulting in reluctance to do further business. High interest rates, double-digit inflation, exponential rise in fuel prices and exchange rate uncertainties are creating difficulties in business planning.
Import LCs and foreign payments are not being entertained which are creating further problems in getting machinery spare parts and materials from abroad. Electricity and gas subsidies have been withdrawn which were allowed till June '23. Manufacturing units are not being able to up-load this high price increase in the selling price. This is the "last nail in the coffin". There seems to be "no light at the end of the tunnel" in terms of recovery of industry and manufacturing units. Industrial units are closing down resulting in massive unemployment. A massive brain-drain is already in the works as many are looking abroad for employment opportunities.
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: March 01, 2023
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Quetta Textile Mills Ltd. published this content on 01 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 March 2023 12:18:01 UTC.