s
1st Floor, Ismail Centre, 6-C, Central Commercial An�a, Bahadurabad, Karachi-74800 (Pakistan)
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT DECEMBER 31, 2024
ASSETS
December 31, | June 30, |
2024 | 2024 |
Un-audited | Audited |
------------ (Ru pees) ------------
NON - CURRENT ASSETS
Property, plant and equipment | 3.324,226,644 | 3,374,850,004 |
Long-term deposits | 5,588.631 | 6,063,681 |
Investment in subsidiary | ||
3,329,815,275 | 3,380,913,685 | |
CURRENT ASSETS | ||
Stores, spares and loose tools | 43,603.26 l | 53,563,125 |
Stock-in-trade | 2,239,868.582 | 1.928,979, l 20 |
Trade debts | 1,136.781,183 | 1, 106,843, 748 |
Loans and advances | 44,553.258 | 89,784.90 I |
Prepayments ' � | 38,339,322 | 34,303,985 |
Other receivables | 284,346,398 | l 88,203,848 |
Short term investment | 228,217,230 | 200,455,670 |
Advance tax | 28,879,832 | 47,238,33 l |
Cash and bank balances | 18,548,454 | 8,607,548 |
4,063,137,520 | 3,657,980,276 | |
TOTAL ASSETS | 7,392,952, 795 | 7,038 893,961 |
EQUITY AND LIABILITIES | ||
SHARE CAPITAL AND RESERVES | ||
Authorized share capital | ||
220,000,000 | 220,000,000 | |
22,000,000 (June 30, 2024: 22,000,000) ordinary shares of Rs. I 0/- each | ||
Issued, subscribed and paid-up capital | ||
198.528.000 | 198,528,000 | |
19,852,800 (June 30, 2024: 19,852,800) ordinary shares ofRs.10/-each | ||
Capital reserves | ||
Surplus on revaluation of property, plant and equipment - net of tax | 893,312. 76 7 | 919,580,955 |
Equity portion of loan from related parties | 157,711,726 | |
Revenue reserves | 1, 128.276,955 | |
2,3 77,829.448 | ||
NON-CURRENT LIABILITIES | ||
Long-term financing | 551,084.630 | |
Deferred capital grant | 61,748,766 | |
Deferred taxation - net | 98,4 l 5, 195 | |
Employee benefits | 87,875, 766 | |
799, 124,357 | ||
CURRENT LIABILITIES | ||
Trade and other payables | 1,661,367,310 | |
Accrued mark-up | 101,087,335 | |
Short-term borrowings | 2.071,555,396 | |
Current portion of long-term finance | 339,709.716 | |
Current portion of deferred capital grant | 25,659,032 | |
Unclaimed dividend | 2,739.068 | |
Provision for taxation | 13,881.133 | |
4,215,998.990 | ||
TOTAL LIABILITIES | 5,015, 123,34 7 | |
TOTAL EQUITY AND LIABILITIES | 7,392,952,795 |
I 04,674, 764 l ,280,923, 111 2,503, 706,830
486,099, 774
74,480.586
115,398,617
75, 195,066
75 l, 174,043
l ,252,356,320
l 14,013.686
2.034,831,736
338,334, 122
27,857,022
2,739,068
13,88 l, 134
3,784,013,088
4,535,187,131
7,038 893,96 l
TEXTILE MILLS LIMITED
1st Floor, Ismail Centre, 6-C, Central Commercial Area, Bahadurabad, Karachi-74800 (Pakistan)
E-mail:idreestextile@gmail.com & info@idreestextile.com
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UN-AUDITED) FOR THE HALF YEAR AND QUARTER ENDED DECEMBER 31, 2024
Half year ended Quarter ended December 31, December 31, December 31, December 31, 2024 2023 2024 2023 ��������Re�sta�ted� Restated ·---------------- (Ru pees) ------------------ ·--------------- (Ru pees) -----------------·
Sales - net | 2,475,923, 185 | 3,4 76,435,502 | 1,231,524,440 | 1,688,404,565 |
Cost of sales | (2,281,848, 797) | (3, 104,414,712) | (1,071,310,811) | (1,525, 715,832) |
Gross profit | 194.074,388 | 372.020.790 | 160,213,629 | 162,688,733 |
Distribution cost | (30.81 I, 746) | (45,610,254) | ( 19, 786.867) | (22,931,589) |
Administrative e�pe�es | (50,727,186) | (59,515, 172) | (23,963,092) | (31,236,051) |
(81,538,932) | ( I 05, 125,426) | (43, 749,959) | (54, 167,640) | |
Operating profit | 112,535,456 | 266,895,364 | 116,463,670 | !08,521,093 |
Finance cost | (272,027,022) | (279,962,480) | (122,598,991) | (164,100,221) |
Other operating expenses | (25 ,5 74, 92 8) | (33,348,669) | (23,826,805) | (12,614,615) |
(185,066,494) | (46,415, 785) | (29,962, 126) | (68, 193, 743) | |
Other income | 18,013,375 | 17,509, 165 | 11,947,503 | I 0,730,484 |
Loss before taxation and levy | (167,053, 119) | (28.906,620) | ( 18,014,623) | (57,463,259) |
Levy: | ||||
Final Tax | (8,101,916) | (24.163, 789) | (6,335,872) | (14,898,380) |
Minimwn tax differential | (20,847,427) | (13,119,658) | (8,467,571) | (2,555,745) |
(28,949,343) | (37,283,447) | (14,803,443) | (17,454, 125) | |
Loss before taxation | (196,002,462) | (66, 190,067) | (32,818,066) | (74,917,384) |
Taxation: | ||||
Prior | 104,695 | (758,682) | I 04,695 | (758,682) |
Deferred | 16,983,423 | 30.016.400 | 16,983,423 | 30,016,400 |
17.088,118 | 29,257.718 | 17,088,118 | 29,257,718 | |
Loss for the period | (178,914,344) | (36.932,349) | (15,729,948) | (45,659,6661 |
Loss per share - basic and diluted (Rupees) | (9 01) | (186) | �o 791 | �2 301 |
I
I
.
f
1st Floor, Ismail Centre, 6-C, Central Commercial Area ' Bahadurabad ' Karachi-74800 (Pakistan)
Phones: (92-21) 34940026 to 30 (5 Lines) Fax: (92-21) 34945306
E-mail:idreestextile@gmail.com & info@idreestextil e.com
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)
FOR THE HALF YEAR ENDED DECEMBER 31, 2024
Balance as at July I, 2023 (audited)
Total comprehensive loss for the period Loss for the period
Other comprehensive income
Items that will not be s�bsc�ently reclassified into profit or loss
Transfer from surplus on revaluation of property, plant and equipment on account of incremental depreciation - net of tax
Unwinding of discount on long-tern, loan from related parties Balance as at December 31, 2023 - (unaudited)
Balance as at July I, 2024 - (audited)
Total comprehensive loss for the period Loss for the period
Other comprehensive income
Transfer from surplus on revaluation of property, plant and equipment on account of incremental depreciation - net of tax
Transactions with the owners of the company:
Fair value effect of interest free loan
Capital reserves
Share Capital
Surplus on revaluation of Equity portion of property, plant loan from related and equipment· partie net of tax
Revenue reserves
Un-appropriated profit
Total
··········· --------·--·-···-··-·-·-·---··-···- ···· (Rup ees) -----------------------------··--·--··-···-··-···-·-
198,528,000
868,124,011
24,35 9,148
I
1,4 76,559,814
2,567,570,973
I
I
35,362,349 35,362,349
(29,016,451)
198,528,000
(36,932,349) (36,932,349) 35,362,349
(36,932,349) (1,570,000)
29,016,451
874,469,909
24,359, 148
198,528,000
919,580,955 104,674,764
1,468,643,916 2,566,000,973
1,280,923,J 11 2,503,706,830
(178,914,�44)1
(178,914,�44)1
(178,914,344)
(178,914,344)
(26,268, 188)
26,268, 188
53.036,962
53,036,962
Balance as at December 31, 2024 ,(unaudited)
198,528,000 893,312,767
157,71 t,726
I, 128,276,955
2,377 ,829,448
I
s
TEXTILE MILLS LIMITED
151 Floor, Ismail Centre, 6-C, Central Commercial Area, Bahadurabad, Karachi-74800 (Pakistan)
E-mail:idreestextile@gmail.com & info@idreestextile.com
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS
FOR THE HALF YEAR ENDED DECEMBER 31, 2024
Half year ended December 31, December 31, 2024 2023 --------------- (Ru pees) --------------
CASH FLOWS FROM OPERATING ACTIVITIES
Loss before taxation | (196,002,462) | (66, 190,067) |
Adjustments for: | ||
Depreciation | 63,840,26 I | 64,602,609 |
Provision for retirement benefit obligation | 14,35 I ,400 | I 6,554,960 |
Final tax | 8, 101,916 | 24, I 63, 789 |
Minimum tax differential | 20,847,427 | I 3, I I 9,658 |
Gain on sale of property, plant and equipment | (950,000) | (3,084,333) |
Finance cost | 272,027,022 | 274,256,786 |
Profit bn d'tposits | (13,579,251) | |
Unrealized loss on other financial assets | (399,006) | |
Finance cost on unwinding of discount on long-term finance loan related parties | 5,705,694 | |
Operating cash flows before working capital changes | I 82,2 I 5,564 | 3 I 5, I 50,839 |
(Increase) I decrease in current assets | ||
Stores, spares and loose tools | 9,959,864 | 5,593,852 |
Stock-in-trade | (3 I 0,889,462) | (802,948,827) |
Trade debts | (29,937,435) | (30 I ,337,509) |
Loans and advances | 45,23 I ,643 | (9,737,904) |
Deposits and short-term prepayments | (34,939,550) | (9,56 I ,9 I 3) |
Other receivables | (96,142,551) | 83,946,595 |
(416,717,491) | (1,034,045, 706) | |
Increase I (decrease) in current liabilities | ||
Trade and other payable | 458,862,336 | 391, 129,731 |
Cash generated from I (used in) operations | 224,360,409 | (327, 765, I 36) |
Income tax paid, | (29,264,528) | (30,988,467) |
Finance cost paid | (284,953.373) | (2 I 2.980,294) |
Employees benefits paid | ( I ,670,700) | (I ,770,500) |
Net cash used in operating activities | (91,528, 192) | (573,504,397) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property, plant and equipment | (13,216,901) | (52, I 02, 127) |
Long-term deposits | 475,050 | ( I ,510,000) |
Proceed from disposal of property, plant and equipment | 950.000 | 8,300,000 |
Other financial asset - net | (27, 76 I ,560) | (8,088,084) |
Net cash used in investing activities | (39,553,4 I 1) | (53,400,2 I I) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Long-term finance paid | (84,701,151) | (59, 189,367) |
Long-term finance obtained I (paid to) related party | I 41,000,000 | (6, 148,312) |
Short-term borrowings - net | 85.808,953 | 539,516,655 |
Proceeds from long-term finance | 48,000,000 | 28,000,000 |
Lease rental paid - net | (1,362,282) | |
190, I 07,802 | 500,8 I 6,694 | |
59,026, 199 | (126,087,914) | |
(600,675.546) | (435,325,039) | |
(54 I ,649,347) | (56 I ,4 I 2,953) |
I
s
151 Floor, Ismail Centre, 6-C, Central Commercial Area, Bahadurabad, Karachi-74800 (Pakistan)
CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (UN-AUDITED)
AS AT DECEMBER 31, 2024
ASSETS
December 31, | June 30. |
2024 | 2024 |
(Un-audited) | (Audited) |
------------(Rupees)------------
Non-current assets
Property, plant and equipment Long-term deposits
3,324,226,644 5,588,631
3,374,850,004 6,063,681
Long term investment
3,329,815,275
3,380,913,685
Current assets
Stores, spares and loose tools Stock-in-trade
43,603,261
53,563, 125
2,257,471,369 1,928,979,120
Trade debts
1,139,174,034 1, 112,371,065
Loans and advances Prepayments
44,553,258 89,784,901
38,339,322 34,303,985
Ot�r receivables 'Short term investment Advance tax
284,346,397 188,203,848
228,217,230 200,455,670
28,879,832 47,238,331
Cash and bank balances
19,147,744 15,914,192
4,083,732,446 3,670,814,237
Total assets
7,413,547,721 7,051,727,922
EQUITY AND LIABILITIES
EQUITY
Share capital and reserves
Authorized 22,000,000 ordinary shares of Rs.10/- each 220,000,000 220,000,000 Issued, subscribed and paid-up capital 198,528,000 198,528,000
Capital reserves
Surplus on revaluation of property, plant and equipment - net of tax 893,312,767 919,580,955
Equity portion of loan from related parties Revenue reserves
157,711,726 104,674,764
Exchange translation reserve Unappropriated profit
(7,947,136)
(7,944,267)
1,125,969,062 1,271,889,720
Total equity
2,367 ,574,419 2,486,729,172
LIABILITIES
Non-current liabilities
Long-term ·finance 551,084,630 486,099,774 Lease liability
Deferred government grant
61,748,766 74,480,586
Deferred tax liability 98,415,195 115,398,617
Retirement benefit obligation
87,875,766 4.
75, 195,066
Current liabilities
Trade and other payables Accrued mark-up Short-term borrowings
1,685,258,515 101,087,335 2,078,514, 146
1,275,209,410 114,013,686 2,041,790,265
Current portion of long-term finance Current portion of lease liability
339,709,716 338,334, 122
Current portion of deferred government grant Unclaimed dividend
25,659,032 27,857,022
2,739,068 2,739,068
Provision for taxation
13,881, 133 13,881,134 4,246,848,945 3,813,824,707
Total liabilities 5,045,973,302 4,564,998,750
Total equity and liabilities
7,413,547,721 7,051.727,922
1st Floor, Ismail Centre, 6-C, Central Commercial Area, Bahadurabad, Karachi-74800 (Pakistan)
CONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UN-AUDITED) FOR THE HALF YEAR AND QUARTER ENDED DECEMBER 31, 2024
Half-year Ended December 31, December 31 , 2024 2023
- ······ - ······ (Rupees) ··--··- ········ -
Quarter Ended
December 31, 2024
December 31, 2023
--··- ········· (Rupees) ···-···-·--·-···
Administrative expenses |
Finance cost |
Other operating expenses |
Other income |
(Loss) I Profit before taxation |
Levy: |
Final |
Mininmum tax differencial |
(Loss before Taxation) |
Prior |
Deferred |
(Loss) I Profit for the period |
Earnings per share • basic and diluted (Rupees) |
Sales - net | 2,478,456, 717 | 3,475,822, 701 | 1,243,301, 711 | 1,683,384,796 |
Cost of sales | (2,276,37 4,035) | (3, 102,601,091) | (1,075,079, 788) | (1,521,471,117) |
Gross profit | 202,082,682 | 373,221,610 | 168,221,923 | 161,913,679 |
Distribution cost | (31,570,968) | (45,610,254) | (20,546,090) | (21,396,861) |
(51,533,145) | (61,869,345) | (23,936, 120) | (32,933,238) | |
(83,104,113) | (107,479,599) | (44,482,210) | (54,330,099) | |
118,978,569 | 265,742,011 | 123, 739, 713 | 107,583,580 | |
(272,079,352) | (280,019,265) | (122,623,566) | (164,128,319) | |
(25,57 4,928) | (33,348,669) | (23,624,971) | (12,614,615) | |
(178,675, 712) | (47,625,923) | (22,508,824) | (69, 159,354) | |
18,013,375 | 17,563,111 | 6,065,872 | 10,784,430 | |
(160,662,337) | (30,062,812) | (16,442,952) | (58,374,924) | |
(7,767,200) | (24, 163, 789) | (6,001, 156) | (14,898,380) | |
(20,847,427) | (13, 119,658) | (8,467,571) | (2,555,745) | |
(28,614,627) | (37,283,447) | (14,468,727) | (17,454,125) | |
(189,276,964) | (67,346,259) | (30,911,679) | (75,829,049) | |
104,695 | (758,682) | 104,695 | (758,682) | |
16,983,423 | 30,016,400 | 16,983,423 | 30,016,400 | |
17,088,118 | 29,257,718 | 17,088,118 | 29,257,718 | |
(172, 188,846) | (38,088,541) | (13,823,561) | (46,571,331) | |
(8.67) | (1 92) | (0.70) |
.
"'
I
s
151 Floor, Ismail Centre, 6-C, Central Commercial Ar8a, Bahadurabad, Karachi-74800 (Pakistan)
CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)
FOR THE HALF YEAR ENDED DECEMBER 31, 2024
Balance as at July 1, 2023 (audited)
Total comprehensive income for the period Profit for the period
Other comprehensive income
Transfer from surplus on revaluation of property, plant and equipment on account:
- incremental depreciation charie th�on · net of tax - disposals - net of tax
Transactions with related parties/ owners Unwinding of discount on long-term loan from related parties
Balance as at December 31, 2022
Capital reserves surplus on revaluation of property, plant and equipment - net of tax
--------
Revenue reserves
lssued,subscribed and paid up capital
Equity portion of Joan from related
Parties
Un-appropriated profit
·················································· (Rupees) ····················································
198.528,000
Exchange translation reserve
Total
868,124,011
30,064,842
1,458,913,091
(38,088,541)11
35,362.�49 I I 35,362,349
II
(38,088,541)
(29,016,451)11
II
29.016,451
II
(8,450,221)
2,547,179,723
299,�36 299,336
I
(38,088,541) 35,661,685
(2,426,856)
I I
II
(29,016,451) 29,016,451
(5,705,694) 5,705,694 3,365,139,668
198,528,000
874,469,909
24,359,148
1,455,546,695
(8,150,885) 5,909,892,535
Balance as at July 1, 2024 (audited)
198,528,000
919,580,955
104,674,764
1,271,889,720
(7,944,267) 2,486, 729,172
Total comprehensive income for the period Profit for the period
Other comprehensive income Transfer from surplus on revaluation of property, plant and equipment on account:
- incremental depreciation charge thereon - net of tax - disposals - net of tax
Transactions with related parties / owners Fair value effect of interest free loan provided Unwinding of discount on long-term loan from related parties
Balance as at December 31, 2024
DOD
(172,188,846) D
(172,188,846)
(172,188,846)
(2,869)
(2,869) (172,191,715)
(26,268,�88)1
I
26,268,18811
II
II
II
(26,268,188)
26,268,188
53,036,962
53,036,962
198,528,000
893,312,767
157,711,726
1,125,969,062
(7,947,136)
2,367,574,419
s
1st Floor, Ismail Centre, 6-C, Central Commercial Area, Bahadurabad, Karachi-74800 (Pakistan)
CONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED) FOR THE HALF YEAR ENDED DECEMBER 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Half· year Ended
December 31, December 31,
2023 2022
·················· (Rupees) ··················
(Loss) I Profit before taxation |
Adjustments for: |
Depreciation |
Provision for retirement benefit obligation |
Final tax |
Minimum tax differencial |
Gain on sale of property, plant and equipment |
Expected credil 109'· other receivable |
Finance cost |
Profit on deposits |
Unrealized loss on other financial Assets |
Finance cost on unwinding of discount on long-term finance from related parties |
Operating cash flows before working capital changes |
(Increase) I decrease in current assets |
Stores, spares and loose tools |
Stock-in-trade |
Trade debts |
Loans and advances |
Deposits and short-term prepayments |
Other receivables |
Increase I (decrease) in current liabilities |
(189,276,964) | (30,062,812) | |
63,840,261 | 64,602,609 | |
14,361,400 | 16,554,960 | |
8,101,916 | ||
20,847,427 | ||
(960,000) | (3,084,333) | |
124,900 | ||
272,079,362 | 274,313,571 | |
(13,579,251) | ||
(399,006) | ||
5,705,694 | ||
188,993,393 | 314, 176,332 | |
9,969,864 | 5,593,852 | |
(328,491,692) | (807,257,559) | |
(26,801,743) | (300,074,292) | |
46,231,643 | (9.737.904) | |
(4,036,337) | (9,561,913) | |
(96, 142,649) | 83,946,595 | |
(400,279,814) | (1,037,091,221) | |
439,906,012 | 391, 129, 729 | |
Cash generated I (used) from operations | 228,618,691 | (331, 785, 160) |
Finance cost paid | (286,006,703) | (213,037,079) |
Income tax paid | (29,264,528) | (30,988,485) |
(85,661,640) | (575,810,724) | |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property, plant and equipment | (13,216,901) | (52, 102, 127) |
Long-term deposits | 476,060 | (1,510,000) |
Proceed from disposal of property, plant and equipment | 950,000 | 8,300,000 |
Other financial asset - net | (27,761,660) | (8,088,084) |
Net cash used in investing activities | (39,663,411) | (53,400,211) |
,
Trade and other payable
I
TEXTILE MILLS LIMITED
1st Floor, Ismail Centre, 6-C, Central Commercial Area, Bahadurabad, Karachi-74800 (Pakistan)
E-mail:idreestextile@gmail.com & info@idreestextile.com
CONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED) FOR THE HALF YEAR ENDED DECEMBER 31, 2024
CASH FLOWS FROM FINANCING ACTIVITIES
Long-term finance paid | (96,617,447) | (59, 189,367) |
Employee benefits paid | (1,670,700) | (1,770,500) |
Long-term finance obtained/(paid) to related party | 141,000,000 | (6, 148,312) |
Short-term borrowings - net | 86,809, 174 | 535, 123,595 |
Proceeds from long-term finance | 48,000,000 | 28,000,000 |
Lease rental paid - net | (1.362,282) | |
Dividend paid | ||
Net cash generated from I (used in) financing activities | 177,621,027 | 494,653.134 |
Net increase I (decrease) in cash and cash equivalents | 62,316,976 | (134,557,801) |
Cash and cash ;qu1°valents at the beginning of the period | (693,368,902) | (422,306,531) |
Effect of exchange rate changes in cash and cash equivalents | 2,869 | 31,223 |
Cash and cash equivalents at the end of the period | (641,060,057) | (556,833, 109) |
CASH AND CASH EQUIVENTS | ||
Cash and bank balances | 19,147,744 | 26,562,309 |
Short-term borrowings | (660, 197,801) | (583,395,418) |
(641,060,067) | (556,833, 109) |
I