AMTEX LIMITED
First Quarterly Report
September 30, 2023
A M T E X
CONTENTS
COMPANY INFORMATION
DIRECTOR'S REPORT
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION CONDENSED INTERIM STATEMENT OF PROFIT & LOSS ACCOUNT CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME CONDENSED INTERIM CASH FLOW STATEMENT
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY NOTES TO THE CONDNSED INTERIM FINANCIAL STATEMENTS
Company Information
Board of Directors | |
Mr. Muhammad Ahsan | Chairman |
Mr. Khurram Iftikhar | Chief Executive Officer |
Mr. Shahzad Iftikhar | |
Mr. Nadeem Iftikhar | |
Mr. Suhail Maqsood Ahmed | |
Mr. Gul Muhammad Naz | |
Mrs.Bushra Bibi | |
Chief Financial Officer | |
Mr. Waheed Aslam | |
Company Secretary | |
Mr. Muhammad Raza Farooq | |
Audit Committee | |
Mr. Suhail Maqsood Ahmed | Chairman |
Mr. Muhammad Ahsan | |
Mrs.Bushra Bibi | |
Human Resource & Remuneration Committee | |
Mr. Gul Muhammad Naz | Chairman |
Mr. Suhail Maqsood Ahmed | |
Shahzad Iftikhar | |
Auditors | |
Zahid Jamil & Co. | |
Chartered Accountants | |
Legal Advisor | |
Mr. Aamir Nawaz Bhatti | |
Advocate High Court |
Share Registrar Office
Vision Consulting Limited
3-C, LDA Flats, Lawrance Road, Lahore
Registered Office
P-225 Tikka Gali # 2 Montgomery Bazar, Faisalabad
Projects Locations
Punj Pullian Daewoo Road Faisalabad | Processing & Stitching Unit |
Website
www.amtextile.com
DIRECTORS' REPORT
The Board of Directors of Amtex Limited presents herewith the Directors' Report together with the Company's un-audited financial information for the period ended September 30, 2023.
Financial Results
The financial results for the period under review with comparative figures of previous period are presented hereunder.
Quarter ended Septmeber 30 , | ||||
2023 | 2022 | |||
Rupees | Rupees | |||
Sales | 725,737,708 | 355,356,601 | ||
Cost of sales | 618,650,367 | 281,049,180 | ||
Gross Profit | 107,087,341 | 74,307,421 | ||
Other operating income | 3,864,000 | 270,238,813 | ||
Profit for the period | 34,002,111 | 289,765,840 | ||
Earnings per share - Basic and diluted | 0.13 | 1.12 |
During 1st quarter under review company earned gross profit of Rs.107.08 million as compared to gross profit of Rs. 74.30 million in the corresponding period of last year and net profit of Rs. 34.002 million as compared to net profit of Rs. 289.76 million in the corresponding period of last year. Sales volume has significantly increased as compared to previous corresponding period and the company's total sales are Rs.725.737 million in three months against sales of Rs. 355.356 million in the corresponding period of last year. Despite worst ever political instability, poor law and order situation, devaluation of currency and significantly increasing prices of utilities, fuel and energy Company maintained its growth regarding export volume and Company's sales significantly increases.
As described in Note # 13 of these un-audited financial statements the shareholders in Annual General Meeting held on October 28, 2023 accorded approval for sale of Land & Building situated at 1 K.M. Khurrianwala Jaranwala Road Faisalabad as a part of debt restructuring/rescheduling plan under negotiation between company and its lender banks. In said Annual General Meeting members unanimously approved aforementioned special business transaction.
Certain banks / financial institutions have filed a suit against the Company for recovery of its financing and mark up and the Company has not provided any markup / cost of funds on the said outstanding amounts. Based on the legal opinion, the company feels that, after institution of the suit, a financial institution is only entitled to cost of funds if so awarded by the court in case the suit is decided against the company. The levy of cost of funds and the quantum thereof shall be contingent on passing of the decree and rate prescribed by the State Bank of Pakistan during the period of pendency of the claim and discharge of decree, if passed by the Court.
Future outlook
Despite unfavorable business environment the management is making full efforts to utilize its full manufacturing capacities and remained successful in improving the exports volume significantly as compared to last corresponding quarter. Currently company is facing tight cash flow situation and has not been able to pay its certain debt obligations towards its financial creditors. To regularize bank loans, the repayment terms are being renegotiated with the lenders keeping in view the future cash flows, and other relevant forecasts and certain banks have approved the restructuring to revive the export business while negotiations with others are in progress. The management is confident that upon maturity of offered settlement plans to its lenders the company will be able to attain satisfactory level of viability.
Acknowledgement
The Directors of your Company would like to place on record their deep appreciation for the support of the customers, banks, financial institutions, regulators and shareholders and hope that this cooperation and support will also continue in future.
The Directors of your Company would also like to express their appreciation for the services, loyalty and efforts being continuously rendered by the executives, staff members and workers of the Company and hope that they will continue to do so in future.
For and on behalf of the Board
Khurram Iftikhar | Shahzad Iftikhar |
Faisalabad
October 30, 2023
AMTEX LIMITED
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT SEPTEMBER 30, 2023
Un-audited | Audited | ||
September 30 | June 30 | ||
2023 | 2023 | ||
NOTE | RUPEES | RUPEES | |
ASSETS | |||
NON CURRENT ASSETS | |||
Property, plant and equipment | 3. | 948,738,905 | 952,481,891 |
Investment property- fair value | 1,258,691,557 | 1,258,691,557 | |
Long term deposits | 15,103,828 | 15,103,828 | |
2,222,534,290 | 2,226,277,276 | ||
CURRENT ASSETS | |||
Stores, spares and loose tools | 167,658,338 | 173,226,112 | |
Stock in trade | 212,972,839 | 261,847,909 | |
Trade debts | 4. | 373,862,631 | 247,322,571 |
Loans and advances | 32,351,416 | 26,003,572 | |
Deposits and prepayments | 4,799,126 | 4,799,126 | |
Other receivables | 26,401,025 | 19,623,150 | |
Tax refunds due from the Government | 241,596,821 | 238,832,422 | |
Cash and bank balances | 105,698,027 | 112,088,168 | |
1,165,340,223 | 1,083,743,030 | ||
3,387,874,513 | 3,310,020,306 | ||
EQUITY AND LIABILITIES | |||
SHARE CAPITAL AND RESERVES | |||
Authorised capital | |||
260,000,000 (2023: 260,000,000) | |||
ordinary shares of Rs.10/- each | 2,600,000,000 | 2,600,000,000 | |
Issued, subscribed and paid up capital | 2,594,301,340 | 2,594,301,340 | |
Reserves | 531,039,330 | 531,039,330 | |
Accumulated loss | (12,656,721,396) | (12,692,102,450) | |
Surplus on revaluation of property, plant and equipment | 931,856,317 | 933,235,260 | |
(8,599,524,409) | (8,633,526,520) | ||
NON CURRENT LIABILITIES | |||
Redeemable capital | 5. | - | - |
Long term financing | 6. | 1,229,911,825 | - |
Lease liabilities / Ijarah | - | - | |
Deferred liabilities | 1,475,120,321 | 1,464,089,365 | |
2,705,032,146 | 1,464,089,365 | ||
CURRENT LIABILITIES | |||
Trade and other payables | 350,998,342 | 236,585,802 | |
Contract Liabilities | 77,954,348 | 39,545,748 | |
Interest / markup payable | 2,720,625,453 | 2,730,625,453 | |
Short term borrowings | 5,266,503,194 | 5,407,100,994 | |
Current portion of non current liabilities | 866,285,439 | 2,065,599,464 | |
9,282,366,776 | 10,479,457,461 | ||
Contingencies and commitments | 7. | - | - |
3,387,874,513 | 3,310,020,306 | ||
The annexed notes form an integral part of these financial statements. | - | - |
AMTEX LIMITED
CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS ACCOUNT (UN-AUDITED)
FOR THE QUARTER ENDED SEPTEMBER 30, 2023
Quarter ended Septmeber 30 , | |||
2023 | 2022 | ||
Note | Rupees | Rupees | |
Sales | 725,737,708 | 355,356,601 | |
Cost of sales | 8 | 618,650,367 | 281,049,180 |
Gross Profit | 107,087,341 | 74,307,421 | |
Other operating income | 9 | 3,864,000 | 270,238,813 |
110,951,341 | 344,546,234 | ||
Selling and distribution expenses | 19,085,264 | 8,560,218 | |
Administrative expenses | 32,801,847 | 24,439,426 | |
Finance cost | 10 | 17,559,065 | 16,325,238 |
69,446,176 | 49,324,882 | ||
Profit / (loss) for the period before taxation | 41,505,165 | 295,221,352 | |
Provision for taxation | 7,503,054 | 5,455,512 | |
Profit / (Loss) for the period | 34,002,111 | 289,765,840 | |
Earnings per share - Basic and diluted | 0.13 | 1.12 |
The annexed notes form an integral part of these financial statements.
AMTEX LIMITED
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED)
FOR THE QUARTER ENDED SEPTEMBER 30, 2023
Quarter ended September 30, | ||
2023 | 2022 | |
Rupees | Rupees | |
Loss after taxation | 34,002,111 | 289,765,840 |
Other comprehensive income | - | - |
Total comprehensive loss for the period | 34,002,111 | 289,765,840 |
The annexed notes form an integral part of these financial statements. |
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