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
https://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 March 31, 2025.
Financial ResultsThe financial results for the period under review with comparative figures of previous period are presented hereunder.
Period ended Quarter ended
March 31 March 31
2025 2024 2025 2024
Rupees Rupees Rupees Rupees
Revenue from contracts with customers - net | 1,823,999,820 | 2,088,195,840 | 400,630,800 | 661,006,472 |
Cost of revenue | 1,644,872,161 | 1,794,470,168 | 334,809,715 | 579,083,044 |
Gross Profit | 179,127,659 | 293,725,672 | 65,821,085 | 81,923,428 |
Net (loss) / profit for the period | (93,646,961) | 32,730,482 | (62,610,098) | 10,143,784 |
Earnings per share - Basic and diluted | (0.36) | 0.13 | (0.24) | 0.04 |
During 1stnine months under review company earned gross profit of Rs.179.12 million as compared to gross profit of Rs.293.72 million in the corresponding period of last year and net loss of Rs. 93.64 million as compared to net profit of Rs. 32.730 million in the corresponding period of last year. Sales volume has decreased as compared to previous corresponding period and the company's total sales are Rs. 1,823.99 million in nine months against sales of Rs. 2,088.19 million in the corresponding period of last year. Due to worst ever political instability, poor law and order situation and significantly increasing prices of utilities, Company cannot utilize its full capacity and lost some of its foreign customers resultantly export sale volume decreases and company sustained loss of Rs.
93.64 million.
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
It is evident that the textile industry, one of the leading industry of Pakistan's economy, is sadly enmeshed in neglect and apathy from the authorities that ought to be its strongest allies. Without a doubt, a focused approach toward this sector is the need of the hour. Number of challenges currently facing by textile sector in Pakistan like lack of access to credit, lack of infrastructure, poor roads, unreliable energy supply and tough competition with India & China. The management of the company fully aware of the situation and making full efforts to compete the market and taken steps for extension and restructuring of loans keeping in view the future cash flows. Certain banks have approved the restructuring and negotiations with other banks of the company are at final stages. There is need that government must expedite the implementation of promised support measures like competitive energy tariffs and streamlined tax refund processes.
AcknowledgementThe 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 April 30, 2025
2025 2024 zazs
Reven ue from contracts with customers - new | 1,823.999.B20 | 2,088, J95,8dQ | 400.630.800 | 661, fXi6,47 2 | |
C out of re'7e me | 1,644,872, ISO | 1.794, 4 70, t6B | 334,B 19,715 | S7?, OB1,044 | |
J79.1* 7, 689 | 2 93,725.672 | 68.Bz t,085 | B1,92Z,428 | ||
N et [Io* sj / p•ofi• I or the pe nod | (93,64 6,9 61 } | 32, 730,4B2 | [62,610.Q98) | 10, J43,784 | |
Earni nos pe r share - Basic and diluted | (0.36j | 0.13 | IO.2 a› | a.0a |
AMTEX LIMITED
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT MARCH 31, 2025
ASSETS
NON CURRENT ASSETS
NOTE
Un-audited Audited
December 31 June 30
2024 2024
RUPEES RUPEES
Property, plant and equipment | 5. | 711,662,821 | 974,336,976 | |
Investment property - fair value | 1,270,465,767 | 1,270,465,767 | ||
Long term deposits | 19,462,379 | 19,462,379 | ||
2,001,590,967 | 2,264,265,122 | |||
CURRENT ASSETS | ||||
Stores, spares and loose tools | 229,730,290 | 216,676,502 | ||
Stock in trade | 632,795,159 | 498,912,010 | ||
Trade debts | 6. | 205,976,889 | 217,932,489 | |
Advances | 37,843,244 | 41,092,393 | ||
Deposits | 4,799,126 | 5,948,126 | ||
Other receivable | 19,088,494 | 23,934,191 | ||
Advance income tax - net | 62,157,819 | 39,101,278 | ||
Sales tax receivable | 228,733,526 | 258,491,600 | ||
Cash and bank balances | 72,399,954 | 118,252,023 | ||
1,493,524,501 | 1,420,340,612 |
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorised capital
3,495,115,469 3,684,605,734
260,000,000 (30 June 2024: 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 Capital reserves | ||||
Merger reserve | 98,039,330 | 98,039,330 | ||
Share premium | 183,000,000 | 183,000,000 | ||
Surplus on revaluation of property, plant and equipment | 7. | 665,866,270 | 923,546,882 | |
946,905,600 | 1,204,586,212 | |||
Revenue reserves | ||||
General reserve | 250,000,000 | 250,000,000 | ||
Accumulated loss | (12,429,045,943) | (12,593,079,594) | ||
(8,637,839,003) | (8,544,192,042) | |||
NON CURRENT LIABILITIES | ||||
Redeemable capital | - | - | ||
Long term financing Lease liabilities Long term payable | 8. 9. | 1,046,562,147 -328,452,742 | 1,097,290,479 -231,195,249 | |
Deferred liabilities | 1,641,080,940 | 1,569,877,120 | ||
3,016,095,829 | 2,898,362,848 | |||
CURRENT LIABILITIES | ||||
Trade and other payables | 375,843,523 | 490,243,621 | ||
Contract Liabilities - unsecured | 296,371,911 | 162,463,213 | ||
Interest / markup payable | 2,644,004,898 | 2,702,818,114 | ||
Short term borrowings | 5,166,503,194 | 5,166,503,195 | ||
Current portion of non current liabilities | 634,135,117 | 808,406,785 | ||
9,116,858,643 | 9,330,434,928 | |||
Contingencies and commitments | 10. | - | - | |
3,495,115,469 | 3,684,605,734 | |||
The annexed notes from 1 to 20 form an integral part of these condensed interim financial statements.
AMTEX LIMITED
CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS ACCOUNT (UN-AUDITED) FOR THE PERIOD ENDED MARCH 31, 2025
Period ended Quarter ended
March 31 March 31
2025 2024 2025 2024
Note Rupees Rupees Rupees Rupees
Revenue from contracts with customers - net | 1,823,999,820 | 2,088,195,840 | 400,630,800 | 661,006,472 | ||||
Cost of revenue | 11 | 1,644,872,161 | 1,794,470,168 | 334,809,715 | 579,083,044 | |||
Gross Profit | 179,127,659 | 293,725,672 | 65,821,085 | 81,923,428 | ||||
Other operating income / (loss) | 12 | 34,505,455 | 25,406,980 | (22,703,045) | 21,542,980 | |||
213,633,114 | 319,132,652 | 43,118,040 | 103,466,408 | |||||
Selling and distribution expenses | 90,030,960 | 77,819,749 | 28,863,931 | 32,455,746 | ||||
Administrative expenses | 87,202,271 | 88,101,933 | 23,822,816 | 19,999,838 | ||||
Finance cost | 13 | 111,515,408 | 90,724,788 | 49,150,904 | 28,590,266 | |||
288,748,639 | 256,646,470 | 101,837,651 | 81,045,850 | |||||
(Loss) / profit before income tax and levies | (75,115,525) | 62,486,182 | (58,719,612) | 22,420,558 | ||||
Levies | 14 | 18,228,842 | 29,755,700 | 3,890,486 | 12,276,774 | |||
(Loss)/Profit before income tax | (93,344,367) | 32,730,482 | (62,610,098) | 10,143,784 | ||||
Income tax | 15 | 302,594 | - | - | - | |||
Net (loss) / profit for the period | (93,646,961) | 32,730,482 | (62,610,098) | 10,143,784 | ||||
Earnings per share - Basic and diluted | (0.36) | 0.13 | (0.24) | 0.04 |
The annexed notes from 1 to 20 form an integral part of these condensed interim financial statements.
AMTEX LIMITED
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED) FOR THE PERIOD ENDED MARCH 31, 2025
Period ended Quarter ended
March 31, March 31,
2025 2024 2025 2024
Rupees Rupees Rupees Rupees
(Loss) / profit after taxation | (93,646,961) | 32,730,482 | (62,610,098) | 10,143,784 | |||
Other comprehensive income | |||||||
Items that will be subsequently reclassified to profit or loss Items that will not be subsequently reclassified to profit or loss | - - | - - | - - | - - | |||
- | - | - | - | ||||
Total comprehensive (loss) / profit for the period | (93,646,961) | 32,730,482 | (62,610,098) | 10,143,784 | |||
The annexed notes from 1 to 20 form an integral part of these condensed interim financial statements.
AMTEX LIMITED CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED) FOR THE PERIOD ENDED MARCH 31, 2025 | PERIOD ENDED | |||
31-Mar | ||||
2025 RUPEES | 2024 RUPEES | |||
a) CASH FLOWS FROM OPERATING ACTIVITIES | ||||
(Loss) / profit before income tax and levies | (75,115,525) | 62,486,182 | ||
Adjustments for: | ||||
Depreciation of property, plant and equipment | 30,159,560 | 28,126,673 | ||
Provision for staff retirement gratuity | 7,052,005 | 5,791,633 | ||
Gain on disposal of property, plant and equipment | (29,915,455) | (17,835,980) | ||
Finance cost | 111,515,408 | 90,724,788 | ||
Operating cash flows before working capital changes | 43,695,993 | 169,293,296 | ||
Changes in working capital | ||||
Decrease / (Increase) in current assets | ||||
Stores, spares and loose tools | (13,053,788) | (17,691,887) | ||
Stock in trade | (133,883,149) | (104,321,192) | ||
Trade debts | 11,955,600 | 6,834,809 | ||
Advances | 3,249,149 | 529,597 | ||
Deposits | 1,149,000 | |||
Other receivable | 4,845,697 | (13,555,762) | ||
Sales tax receiveable | 29,758,074 | (18,831,791) | ||
Increase in current liabilities | ||||
Trade and other payables | (114,400,098) | 136,694,021 | ||
Contract liabilities | 133,908,698 | 62,864,605 | ||
(76,470,817) | 52,522,399 | |||
Cash generated from operations | (32,774,824) | 221,815,695 | ||
Income tax paid | (41,587,979) | (27,456,362) | ||
Finance cost paid | (106,176,809) | (47,302,580) | ||
Net Increase in long term payable | 97,257,493 | - | ||
Net cash (used in) / generated from operating activities | (83,282,119) | 147,056,753 | ||
b) CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Capital expenditure of property, plant and equipment | (24,733,905) | (111,400,237) | ||
Proceeds from disposal of property, plant and equipment | 287,163,955 | 278,862,850 | ||
Net cash generated from investing activities | 262,430,050 | 167,462,613 | ||
c) CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Repayment of long term financing | (225,000,000) | (270,000,000) | ||
Repayment of lease liabilities | - | (13,000,000) | ||
Short term borrowings - net | (100,000,000) | |||
Net cash used in financing activities | (225,000,000) | (383,000,000) | ||
Net decrease in cash and cash equivalents (a+b+c) | (45,852,069) | (68,480,634) | ||
Cash and cash equivalents at the beginning of the period | 118,252,023 | 112,088,168 | ||
Cash and cash equivalents at the end of the period | 72,399,954 | 43,607,534 | ||
Director
The annexed notes from 1 to 20 form an integral part of these condensed interim financial statements.
AMTEX LIMITED
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED) FOR THE PERIOD ENDED MARCH 31, 2025
ISSUED, SUBSCRIBED AND PAID UP CAPITAL | CAPITAL RESERVES | REVENUE RESERVES | TOTAL | |||||
MERGER RESERVE | SHARE PREMIUM | SURPLUS ON REVALUA-TION OF PROPERTY, PLANT AND EQUIPMENT | Subtotal | GENERAL RESERVE | ACCUMULATED LOSS | Subtotal | ||
---------------------------------------------------------------------------------------------------Rupees --------------------------------------------------------------------------------------------------
Balances as at July 01, 2023 (Audited) | 2,594,301,340 | 98,039,330 | 183,000,000 | 933,235,260 | 1,214,274,590 | 250,000,000 | (12,692,102,450) | (12,442,102,450) | (8,633,526,520) |
Profit for the period | - | - | - | - | - | - | 32,730,482 | 32,730,482 | 32,730,482 |
Other comprehensive income for the period | - | - | - | - | - | - | - | - | - |
Total comprehensive profit for the period | - | - | - | - | - | - | 32,730,482 | 32,730,482 | 32,730,482 |
Transfer from revaluation surplus of property, | |||||||||
-Incremental depreciation for the period | - | - | - | (3,697,167) | (3,697,167) | - | 3,697,167 | 3,697,167 | - |
-Disposal of fixed asset | - | - | - | (38,658,851) | (38,658,851) | - | 38,658,851 | 38,658,851 | - |
- | - | - | (42,356,018) | (42,356,018) | - | 42,356,018 | 42,356,018 | - | |
Balances as at March 31, 2024 (Unaudited) | 2,594,301,340 | 98,039,330 | 183,000,000 | 890,879,242 | 1,171,918,572 | 250,000,000 | (12,617,015,950) | (12,367,015,950) | (8,600,796,038) |
Net profit for the period | - | - | - | - | - | - | 58,880,066 | 58,880,066 | 58,880,066 |
Other comprehensive income for the period | - | - | - | - | - | - | (2,276,069) | (2,276,069) | (2,276,069) |
Total comprehensive income for the period | - | - | - | - | - | - | 56,603,997 | 56,603,997 | 56,603,997 |
Transfer from revaluation surplus of property, | |||||||||
-Incremental depreciation for the period | (1,780,576) | (1,780,576) | 1,780,576 | 1,780,576 | |||||
-Disposal of fixed asset | - | - | - | 34,448,216 | 34,448,216 | - | (34,448,216) | (34,448,216) | - |
- | - | - | 32,667,640 | 32,667,640 | - | (32,667,640) | (32,667,640) | - | |
Balances as at June 30, 2024 (Audited) | 2,594,301,340 | 98,039,330 | 183,000,000 | 923,546,882 | 1,204,586,212 | 250,000,000 | (12,593,079,594) | (12,343,079,594) | (8,544,192,042) |
Loss for the period | - | - | - | - | - | - | (93,646,961) | (93,646,961) | (93,646,961) |
Other comprehensive income for the period | - | - | - | - | - | - | - | - | - |
Total comprehensive loss for the period | - | - | - | - | - | - | (93,646,961) | (93,646,961) | (93,646,961) |
Transfer from revaluation surplus of property, | |||||||||
-Incremental depreciation for the period | - | - | - | (3,783,553) | (3,783,553) | - | 3,783,553 | 3,783,553 | - |
-Disposal of fixed assets | - | - | - | (253,897,059) | (253,897,059) | - | 253,897,059 | 253,897,059 | - |
- | - | - | (257,680,612) | (257,680,612) | - | 257,680,612 | 257,680,612 | - | |
Balances as at March 31, 2025 (Unaudited) | 2,594,301,340 | 98,039,330 | 183,000,000 | 665,866,270 | 946,905,600 | 250,000,000 | (12,429,045,943) | (12,179,045,943) | (8,637,839,003) |
The annexed notes from 1 to 20 form an integral part of these condensed interim financial statements.
AMTEX LIMITED
SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED) FOR THE PERIOD ENDED MARCH 31, 2025
STATUS AND ACTIVITIES
Amtex Limited (the Company) is a public limited company incorporated in Punjab, Pakistan under the Companies Ordinance, 1984 (now the Companies Act 2017) and listed on Pakistan Stock Exchange limited (formerly Karachi Stock Exchange Limited) in Pakistan. The registered office of the Company is situated at P-225, Tikka Gali No. 2, Montgomery Bazar, Faisalabad. The principal business of the Company is export of all kinds of value added fabrics, textile made-ups, casual and fashion garments duly processed. The Company is also engaged in the business of manufacturing and sale of yarn and fabrics on its own & conversion basis. The cloth processing unit and stitching units are located at chak 120 Punj Pullian Daewoo Road, District Faisalabad, in the province of Punjab.
Pursuant to scheme of arrangement approved by the Honourable Lahore High Court, Lahore, assets, liabilities and reserves of Amtex Spinning Limited were merged with the assets, liabilities and reserves of the Company with effect from April 01, 2003.
The Company has sustain loss before taxation of Rs. 75.115 million and its sales have also increased during the period as compared to previous corresponding period but the Company is in litigation with Sukuk unit holders and certain financial institutions have also filed suits against the company for recovery of their outstanding debts. The management of the Company has already taken steps for restructuring of loans. The major bankers of the Company had restructured the facilities and negotiations with other banks are in process. The company has negative equity, its long-term solvency position is quite adverse and so is the case with short term solvency position which cast significant doubt about the Company's ability to continue as a going concern, and therefore, it may be unable to realize its assets and discharge its liabilities in the normal course of business. However, the management is confident that it has been taking measures and will be able to restore the financial position of the Company.
These condensed interim financial statements presented in Pak Rupee, which is the Company's functional and presentation currency.
BASIS OF PRRPERATION
Statement of compliance
These condensed interim financial statements has been prepared in accordance with the approved accounting and reporting standards as applicable in Pakistan. The approved accounting and reporting standards applicable in pakistan comprise of: International Accounting Standard (IAS) 34 ''Interim Financial Reporting'', issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017, and provisions of and directives issued under the Companies Act, 2017.
Where the provisions and directives issued under the Companies Act, 2017 differ with the requirements of IAS 34, the provisions of and directives issued under the Companies Act, 2017 has been followed.
These condensed interim financial statements has been prepared under "historical cost convention" except certain items of property, plant and equipment included at revaluation and staff retirement gratuity carried at present value and certain financial instruments at fair value.
These condensed interim financial report does not include all the information required for annual financial statements, and should be read in conjunction with the Company's published audited financial statements for the year ended June 30, 2024.
The accounting policies and methods of computation followed in the preparation of these condensed interim financial report is the same as those applied in the preparation of the published audited financial statements for the year ended June 30, 2024.
Statement of Material Accounting policy information
The accounting polcies and methods of computation adopted for the preparation of these condensed interim financial statements are same as those for the preceding annual financial statements for the year ended June 30,2024.
ESTIMATES AND JUDJEMENTS
The preparation of these condensed interim financial statements in conformity with the approved accounting and reporting standards requires the use of certain critical accounting estimates. It also requires the management to exercise its judgment in the process of applying the Company's accounting policies. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
During preparation of these condensed interim financial statements, the significant judgments made by the management in applying the Company's accounting policies and the key sources of estimation and uncertainty were the same as those that applied in the preceding audited annual published financial statements of the Company for the year ended 30 June 2024.
Un-audited | Audited | ||||
Note | March 31, 2025 | June 30, 2024 | |||
Rupees | Rupees | ||||
5. Property, plant and equipment | |||||
Operating assets - owned | 5.1 | 696,724,707 | 958,186,468 | ||
Right of use assets | 5.2 | 14,938,114 | 16,150,508 | ||
711,662,821 974,336,976 | |||||
5.1 | Operating assets | ||||
Opening written down value | 958,186,468 | 934,536,882 | |||
Add: | Addition during 9 months / 12 months: | 5.1.1 | 24,733,905 | 101,800,348 | |
Less: | Book value of deletions during 9 months / 12 months | 5.1.2 | (257,248,500) | (41,026,870) | |
Less: | Depreciation charge for 9 months / 12 months | (28,947,166) | (37,123,892) | ||
Closing written down value | 696,724,707 | 958,186,468 | |||
5.1.1 | Addition during 9 months / 12 months: | ||||
Plant & machinery | 15,220,905 | 43,935,398 | |||
Electric installation | - | 37,371,503 | |||
Furniture and fixture | - | 20,493,447 | |||
Vehicle | 9,513,000 | - | |||
24,733,905 | 101,800,348 | ||||
5.1.2 | Book value of deletions during 9 months / 12 months: | ||||
Land | 257,248,500 | 32,274,000 | |||
Building | - | 8,752,870 | |||
257,248,500 | 41,026,870 | ||||
5.2 | Right of use assets | ||||
Opening written down value | 16,150,508 | 17,945,009 | |||
Less: | Depreciation charge for 9 months / 12 months | (1,212,394) | (1,794,501) | ||
Closing written down value | 14,938,114 | 16,150,508 | |||
6. | Trade debts | ||||
Considered good | |||||
Secured | |||||
Foreign | 29,978,320 | 5,869,864 | |||
Unsecured | |||||
Foreign | 34,255,569 | 157,365,422 | |||
Local | 141,743,000 | 57,381,540 | |||
175,998,569 | 214,746,962 | ||||
Considered doubtful | |||||
Unsecured | |||||
Foreign | 7,044,683,216 | 7,041,998,879 | |||
Less: Provision for expected credit losses | (7,044,683,216) | (7,044,683,216) | |||
- | (2,684,337) | ||||
205,976,889 | 217,932,489 | ||||
7. Surplus on revaluation of property, plant and equipment Opening balance | 923,546,882 | 933,235,260 | |||
Adjustment during 9 months / 12 months: | |||||
Disposal of fixed assets | (253,897,059) | (5,477,743) | |||
Incremental depreciation for the period | (3,783,553) | (4,210,635) | |||
(257,680,612) | (9,688,378) | ||||
Closing balance | 665,866,270 | 923,546,882 | |||
Long term financing
Secured
From banking companies and financial institutions
Un-audited Audited
March 31, June 30,
2025 2024
Rupees Rupees
Under mark up arrangments
Demand finance
8.1
1,358,765,941
1,583,765,941
Long term finances under SBP
19,176,163
19,176,163
Murabaha finance
9,594,052
9,594,052
Murabaha finance II
104,000,000
104,000,000
Not subject to mark up
Demand finance 134,835,000
134,835,000
1,626,371,156
1,851,371,156
Less:
Current Portion
Installments over due
(313,068,320)
(599,080,677)
Payable within one year
(266,740,689)
(155,000,000)
(579,809,009)
(754,080,677)
1,046,562,147 1,097,290,479
8.1
8.2
It includes an amount of rupees 945.722 million payable to United Bank Limited restructured in financial year 2024. The Company entered in to tripartite Settlement agreement with the Bank and Abwa knowledge village private limited in November 2023 according to which, The Company will repaid the loan in seven years in 28 quarterly installments commencing from December 2023 till August 2030. Mark up at cost of funds i.e. 5.69% will be accrued and will be paid after entire adjustment of principal in eight equal quarterly installments of rupees 28.899 million each commencing from December 2030 to September 2032. Further Markup decretal liability and cost of funds from the date of decree till execution of settlement agreement shall be waived off amounting to Rs. 834.242 millions by the bank at the tail end subject to regular payments in accordance with the agreement.
As per terms of agreement with certain banks, the recommendation, declaration and payment of dividend is subject to prior written approval of the bank.
Long term payable
Un-audited Audited
March 31, June 30,
2025 2024
Rupees Rupees
Due to related party 9.1 328,452,742 231,195,249
In November 2023, the Company entered into tripartite debt restructuring/ rescheduling agreement between Amtex Limited 'The Company', United Bank Limited 'The Bank' and Abwa knowledge village private limited 'The Lessee' according to which Company and lessee have agreed to pay outstanding decretal liability along with future cost of fund (Refer Note # 8.1). The lessee being interested in purchase of investment property, will pay entire principal liability of Rs. 1,217.722 million plus Rs.
231.192 million on account of cost of funds directly to the bank as per restructuring agreement between company and the lender bank.
CONTINGENCIES AND COMMITMENTS
Contingencies
There is no material change in the status of contingencies as disclosed in note # 27.1 of the financial statements for the year ended June 30,2024 except the following:
Sui Northern Gas Pipelines Ltd had filed a suit against the Company's Spinning Division situated at 30 KM Sheikhupura Road Faisalabad, in the Court of District Judge / Judge Gas Utility Court, Faisalabad for recovery of Rs. 57,713,100/-. The case has been decreed in favor of plaintiff, however, the Company has filed appeal before the Honorable Lahore High Court, Lahore against the Judgment on November 04, 2024.
Sui Northern Gas Pipelines Ltd had filed a suit against the Company's Processing Division situated at 1 KM Khurrianwala Jaranwala Road Faisalabad, in the Court of District Judge / Judge Gas Utility Court, Faisalabad for recovery of Rs. 485,424,500/-. The case has been decreed in favor of plaintiff, however, the Company has filed appeal before Honorable Lahore High Court, Lahore against the Judgment on October, 2024.
Regarding pending cases before foreign exchange adjudication officer, State Bank of Pakistan, in the matter of non-repatriation of export proceeds within prescribed times, the Honorable Lahore High Court Lahore has granted stay on show causes notice issued by the State Bank of Pakistan. In October 2024 Honorable Court allowed the petition in favor of the Petitioners and show cause notices and summons issued earlier are declared to be without lawful authority and of no legal effect.
The Company has not fully recognised mark up on redeemable capital and on long and short term financing due to pending
litigations and also due to settlements with other banks.
Commitments
Un-audited Audited
March 31, June 30,
2025 2024
Rupees Rupees
Collector of custom | - | 13,675,623 | |
Contracts of other than capital expenditure | 21,407,144 | - | |
21,407,144 | 13,675,623 |
Period ended March 31, Un-audited
Quarter ended March 31, Un-audited
2025 2024 2025 2024
Rupees Rupees Rupees Rupees
11. | Cost of revenue | |||||||
Cost of goods manufactured | 1,641,847,241 | 1,765,039,293 | 328,678,924 | 573,597,686 | ||||
Finished goods | ||||||||
Opening stock | 93,622,456 | 114,148,002 | 96,728,327 | 90,202,485 | ||||
Closing stock | (90,597,536) | (84,717,127) | (90,597,536) | (84,717,127) | ||||
3,024,920 | 29,430,875 | 6,130,791 | 5,485,358 | |||||
1,644,872,161 | 1,794,470,168 | 334,809,715 | 579,083,044 | |||||
11.1 Cost of goods manufactured | ||||||||
Raw material consumed | 941,843,157 | 933,635,321 | 174,866,942 | 301,806,072 | ||||
Salaries, wages and benefits | 94,723,949 | 117,972,001 | 24,255,850 | 46,826,840 | ||||
Staff retirement benefits | 7,052,005 | 5,791,633 | 1,253,099 | 1,640,208 | ||||
Stores and spares | 2,877,485 | 3,918,473 | 501,817 | 950,402 | ||||
Dyes and chemicals | 201,142,009 | 211,546,733 | 71,272,102 | 59,344,562 | ||||
Packing material | 193,013,719 | 172,169,133 | 34,580,990 | 53,386,475 | ||||
Conversion and processing charges | 146,567,255 | 252,047,983 | 6,710,143 | 86,299,577 | ||||
Repairs and maintenance | 2,311,375 | 4,218,115 | 895,391 | 1,890,515 | ||||
Fuel and power | 21,960,465 | 35,649,368 | 3,783,834 | 7,559,867 | ||||
Depreciation | 25,458,773 | 23,970,552 | 8,617,904 | 6,684,135 | ||||
Other | 6,412,013 | 8,938,571 | 2,425,275 | 4,922,005 | ||||
1,643,362,205 | 1,769,857,883 | 329,163,347 | 571,310,658 | |||||
Work in process | ||||||||
Opening stock | 19,110,448 | 15,306,890 | 20,140,989 | 22,412,508 | ||||
Closing stock | (20,625,412) | (20,125,480) | (20,625,412) | (20,125,480) | ||||
(1,514,964) | (4,818,590) | (484,423) | 2,287,028 | |||||
1,641,847,241 | 1,765,039,293 | 328,678,924 | 573,597,686 | |||||
12. | Other operating income | |||||||
Income from non-financial assets | ||||||||
Rental Income | 4,590,000 | 7,571,000 | 1,500,000 | 3,707,000 | ||||
Gain/(loss) on disposal of property, plant equipment | 29,915,455 | 17,835,980 | (24,203,045) | 17,835,980 | ||||
34,505,455 | 25,406,980 | (22,703,045) | 21,542,980 | |||||
13. Finance cost
The provision of mark up on financial facilities under litigation has not been made in this condensed interim financial report. Based on the legal opinion, the Company feels that after institution of the suit, a financial instituition is only entitled to cost of funds if so awarded by the court in any decree which may be passed by the court. Therefore Company has not accrued any cost of funds/interest on the said outstanding balances.
14.
Levies
minimum tax / final tax u/s 154
Period ended March 31, Quarter ended March 31, Un-audited Un-audited
2025 2024 2025 2024
Rupees Rupees Rupees Rupees
18,228,842 29,755,700 3,890,486 12,276,774
15.
Income tax
prior year adjustment
302,594 - - -
Transactions with related parties
The related parties comprise associated undertakings, directors of the Company and key management personnel. The Company in the normal course of business carries out transaction with related parties. Detail of transactions and balances with related parties are as follows:
Description
i) Transactions
Nature of transaction
Period ended March 31,
Un-audited
2025 2024
Rupees Rupees
Associated companies
Sales
122,118,877
115,056,051
Rentals
4,590,000
7,571,000
Repayment of loan
100,000,000
220,000,000
Sale of property plant & equipments
40,000,000
-
Key management personnel
Remuneration to chief executive officer, director and executives 24,112,421 19,600,250
Un-audited
Audited
March 31,
June 30,
2025
2024
ii) Period end balances
Rupees
Rupees
Associated companies
Trade debts 105,202,060 40,564,233
Long term payable 328,452,742 231,195,249
FINANCIAL RISK MANAGEMENT
Overdue loans
On the reporting date the installments of long term finances amounting to Rs.313.068 million along with mark up of Rs.99.888 million, lease finance amounting to Rs. 54.326 million along with mark up of Rs. 19.619 million and short term borrowings amounting to Rs.5,166.503 million along with mark up of Rs. 2,644.004 million were over due. On reporting date the carrying amount of loans relevant to above overdue were long term finances Rs 1,626.371 million, lease finance Rs 54.326 million and short term borrowings Rs 5,166.503 million.
Corresponding figures
In order to comply with the requirement of IAS 34, the condensed interim statement of financial position and condensed interim statement of changes in equity have been compared with the balances of annual audited financial statement of precedong financial year, whereas, the condensed statement of profit and loss, condensed interim statement of comprehensive income and condensed interim statement of cash flows have been compared with the balances of comparable period of immediately preceding financial year.
Corresponding figure have been re-arranged,where necessary for the purpose of comparison.However no significant re-measurement has been made in these condesed interim financial statements except the following:
Particulars
Reclassification
Rupees
From
To
Advance income tax - net
Tax refunds due from
Government
On the face of statement of
financial position
39,101,278
Sales tax receivable
Tax refunds due from
Government
On the face of statement of
financial position
258,491,600
Payable to Abwa knowledge village
Trade and other payables
On the face of statement of
financial position
231,195,249
Date of authorization for issue
These condensed interim financial statements was authorised for issue on April 30, 2025 by the Board of Directors of the Company.
GENERAL
There is no unusual item included in this condensed interim financial statements which is affecting assets, liabilities, loss, comprehensive loss, cash flows or equity of the Company.
Provision for taxation & provision for gratuity is based on these condensed interim financial statements and is subject to adjustment in annual financial statements.
Figures have been rounded off to the nearest Rupee unless otherwise indicated.
AMTEX LIMITED
P-225, Tikka Gali # 2 Montgomery Bazar Faisalabad Tel: +9241-2428500 Fax: +9241-4361726,27