MAHMOOD TEXTILE MILLS LIMITED 3rd QUARTERLY
ACCOUNTS
March 31,
Directors' Review to Shareholders
The Directors of Mahmood Textile Mills Limited are pleased to present its review report along with un-audited financial results of your Company for the 3rd Quarter ended on 31st March 2023.
By the grace of ALMIGHTY ALLAH, Company earned a net profit of Rs. 127 million as compared to Rs. 2,581 million for the corresponding period. However, the textile sector faced challenges in achieving desired results due to inconsistent government policies.
The detail of the production and sales of yarn and fabrics is presented as under:
PRODUCTION DATA | |||
Production of yarn | = | 32,558,614 | kgs. |
(Converted into 20 count) | |||
Production of cloth | = | 34,435,473 | mtrs. |
(Converted into 60 picks) |
To achieve sustained economic growth and prosperity, Pakistan needs to implement structural reforms that address managing trade deficits, attracting investment, and improving productivity. It's crucial to create a concrete cotton policy by involving all stakeholders and with the right policies and investments, the domestic textile industry can transform and boost economic activity.
Looking ahead, there is potential for better financial results in the coming quarters if the government supports the textile industry by providing relief on energy tariffs, subsidizing finance costs, and ease on LCs restriction for the import of cotton.
Acknowledgment
Lastly, the directors would like to extend their heartfelt appreciation to all employees of the company for their commitment and efficiency at all levels. They would also like to express their gratitude to shareholders, banks, customers, and suppliers for their cooperation and support. The directors hope to continue receiving their committed support in the future as well.
For and on behalf of the board
sd/- | sd/- |
(KHAWAJA MUHAMMAD IQBAL) | (KHAWAJA MUHAMMAD YOUNUS) |
Chief Executive Officer | Director |
Multan: | |
Dated: 28 April, 2023 |
3RD QUARTERLY ACCOUNTS
02 MARCH 31, 2023
MAHMOOD TEXTILE MILLS LIMITED
Condensed Interim Statement of Financial Position (Un-audited)
As At March 31, 2023
31 Mar, | 30 June, | |||||||||||
2023 | 2022 | |||||||||||
Rupees | Rupees | |||||||||||
ASSETS | ||||||||||||
Non-current assets | ||||||||||||
Property, plant and equipment | 14,685,927,630 | 13,938,791,211 | ||||||||||
Intangible Asset | 5,884,567 | 6,923,021 | ||||||||||
Long term investments | 5,113,120,479 | 5,114,375,783 | ||||||||||
Long term deposits | 53,814,135 | 53,425,459 | ||||||||||
19,858,746,811 | 19,113,515,474 | |||||||||||
Current assets | ||||||||||||
Stores, spares and loose tools | 713,433,589 | 394,641,552 | ||||||||||
Stock in trade | 15,481,837,317 | 11,638,417,719 | ||||||||||
Trade debts | 9,303,762,634 | 6,281,030,886 | ||||||||||
Loans and advances | 681,516,199 | 702,190,915 | ||||||||||
Other receivables | 232,081,030 | 163,147,940 | ||||||||||
Short term investments | 289,870,544 | 324,774,381 | ||||||||||
Tax refunds due from the Government | 1,774,721,256 | 1,128,486,383 | ||||||||||
Cash and bank balances | 30,892,640 | 46,905,744 | ||||||||||
28,508,115,209 | 20,679,595,520 | |||||||||||
TOTAL ASSETS | 48,366,862,020 | 39,793,110,994 | ||||||||||
EQUITY AND LIABILITIES | ||||||||||||
Equity | ||||||||||||
Authorized share capital | ||||||||||||
30,000,000 ordinary shares of Rs.10 each | 300,000,000 | 300,000,000 | ||||||||||
Issued, subscribed and paid-up share capital | 187,500,000 | 187,500,000 | ||||||||||
Capital reserves: | ||||||||||||
Capital reserve | 7,120,600 | 7,120,600 | ||||||||||
Surplus on revaluation of property, plant and equipment | 2,446,679,907 | 2,529,956,267 | ||||||||||
Revenue reserve - Unappropriated profit | 9,949,194,992 | 9,926,512,816 | ||||||||||
12,590,495,499 | 12,651,089,683 | |||||||||||
Liabilities | ||||||||||||
Non-current liabilities | ||||||||||||
Long term financing | 9,294,267,893 | 7,961,524,634 | ||||||||||
Lease liabilities | 42,296,268 | 25,224,449 | ||||||||||
Deferred liabilities | 519,973,641 | 558,445,492 | ||||||||||
Current liabilities | ||||||||||||
Trade and other payables | 3,097,614,494 | 4,126,396,054 | ||||||||||
Unclaimed dividends | 3,699,839 | 3,051,775 | ||||||||||
Accrued mark-up | 828,681,100 | 483,435,874 | ||||||||||
Short term borrowings | 20,225,123,606 | 12,211,809,855 | ||||||||||
Current maturity of long term liabilities | 1,047,960,016 | 1,177,961,657 | ||||||||||
Taxation | 716,749,664 | 594,171,521 | ||||||||||
25,919,828,719 | 18,596,826,736 | |||||||||||
Total liabilities | 35,776,366,521 | 27,142,021,311 | ||||||||||
TOTAL EQUITY AND LIABILITIES | 48,366,862,020 | 39,793,110,994 | ||||||||||
Contingencies and commitments | ||||||||||||
sd/- | sd/- | sd/- | sd/- | |||||||||
Kh. Muhammad Ilyas | Kh. Muhammad Iqbal | Kh. Muhammad Younus | Yasir Ghaffar | |||||||||
Chairman | Chief Executive Officer | Director | Chief Financial Officer | |||||||||
3RD QUARTERLY ACCOUNTS | 03 | |||||||||||
MARCH 31, 2023 |
MAHMOOD TEXTILE MILLS LIMITED
Condensed Interim Statement of Profit or Loss (Un-audited)
For The Quarter Ended March 31, 2023
Quarter Ended | Nine Months Ended | |||
Jan - Mar | Jan - Mar | Jul - Mar | Jul - Mar | |
31 Mar, 2023 | 31 Mar, 2022 | 31 Mar, 2023 | 31 Mar, 2022 | |
Rupees | Rupees | Rupees | Rupees | |
Sales - net | 14,131,087,765 | 10,443,100,915 | 37,841,404,765 | 29,103,581,505 |
Cost of sales | (12,179,203,312) | (8,564,586,925) | (33,024,798,312) | (23,685,200,526) |
Gross profit | 1,951,884,453 | 1,878,513,990 | 4,816,606,453 | 5,418,380,979 |
Distribution cost | (264,061,043) | (270,620,390) | (829,282,043) | (801,475,775) |
Administrative expenses | (202,477,205) | (242,282,640) | (852,591,205) | (677,010,215) |
Other expenses | 30,034,076 | (86,205,703) | (62,843,924) | (271,648,570) |
Other income | (92,958,328) | (30,159,075) | 49,422,672 | 41,060,986 |
Profit from operations | 1,422,421,953 | 1,249,246,182 | 3,121,311,953 | 3,709,307,405 |
Finance cost | (1,232,533,175) | (471,573,633) | (2,696,971,175) | (1,166,251,414) |
Share of profit of associates | 87,231,000 | 189,413,763 | 261,693,000 | 542,949,479 |
Profit before taxation | 277,119,778 | 967,086,312 | 686,033,778 | 3,086,005,470 |
Taxation | (260,410,962) | (211,182,651) | (559,127,962) | (504,827,473) |
Profit after taxation | 16,708,816 | 755,903,661 | 126,905,816 | 2,581,177,997 |
Earnings per share | 0.89 | 40.31 | 6.77 | 137.66 |
sd/- | sd/- | sd/- | sd/- |
Kh. Muhammad Ilyas | Kh. Muhammad Iqbal | Kh. Muhammad Younus | Yasir Ghaffar |
Chairman | Chief Executive Officer | Director | Chief Financial Officer |
3RD QUARTERLY ACCOUNTS
04 MARCH 31, 2023
MAHMOOD TEXTILE MILLS LIMITED
Condensed Interim Statement of Comprehensive Income (Un-audited)
For The Quarter Ended March 31, 2023
Quarter Ended | Nine Months Ended | |||
Jan - Mar | Jan - Mar | Jul - Mar | Jul - Mar | |
31 Mar, 2023 | 31 Mar, 2022 | 31 Mar, 2023 | 31 Mar, 2022 | |
Rupees | Rupees | Rupees | Rupees | |
Profit after taxation | 16,708,816 | 755,903,661 | 126,905,816 | 2,581,177,997 |
Other comprehensive income | - | - | - | - |
Total comprehensive income for the year | 16,708,816 | 755,903,661 | 126,905,816 | 2,581,177,997 |
sd/- | sd/- | sd/- | sd/- |
Kh. Muhammad Ilyas | Kh. Muhammad Iqbal | Kh. Muhammad Younus | Yasir Ghaffar |
Chairman | Chief Executive Officer | Director | Chief Financial Officer |
3RD QUARTERLY ACCOUNTS MARCH 31, 2023 05
MAHMOOD TEXTILE MILLS LIMITED
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Mahmood Textile Mills Ltd. published this content on 28 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2023 10:37:23 UTC.
