MAQBOOL |
TEXTILE MILLS LIMITED. |
Third Quarter and Nine Months Unaudited Financial Statements |
for the Period Ended 31st March, 2025 |
DIRECTORS' REVIEW
Dear Shareholders,
On behalf of the Board of Directors of the Company, I am pleased to present before you the Un-Audited Financial statements of your Company for the third quarter and nine months period ended March 31, 2025 in compliance with requirements of Companies Act, 2017.
The overall business remained very tough and challenging throughout the period under report. Its shadows are still looming large on the textile industry and overall economy of the country. The demand for locally produced yarn further reduced drastically due to huge quantities of imported yarn being dumped in the Pakistan market putting the viability of the spinning industry of the country at stake. The performance of your Company also fell victim to these unfavorable conditions effecting the performance of your Company. Due to decrease in demand for yarn, the sales prices remained on the lower side diminishing the financial margins of the Company resulting in net loss of Rs.298 Million to the Company for the quarter and Rs.596 Million for the nine months ended on 31.03.2025. Detailed figures are in annexed financial statements.
Your Directors are endeavoring hard to achieve the best possible results for the Company in the present sub-dued economic conditions by way of taking measures to reduce the manufacturing cost, especially energy cost by installing solar Electricity Generation System and high efficiency low energy consuming Motors. With these cost cutting measures coupled with expected improvement in the market conditions and by the grace of Almighty Allah, performance of your Company will get better with improved financial results during the remaining period of the current financial year to end on Jur e 30, 2025.
On behalf of the Board
Chairperson
PT ace: MuItan
Dated: 30-04-2025
for the Period Ended 31st March, 2025
Maqbool Textile Mills Limited STATEMENT OF PROFIT OR LOSS FOR THE PERIOD ENDED MARCH 31, 2025 (Un-Audited)Nine months period ended | Quarter ended | ||
March 31,2025 | March 31,2024 | March 31,2025 | March 31,2024 |
------------------------------Rupees------------------------------ | |||
5,899,850,825 | 8,409,421,582 | 2,070,146,422 | 2,546,957,288 |
(5,796,698,666) | (7,701,174,198) | (2,092,006,688) | (2,540,639,486) |
103,152,159 | 708,247,384 | (21,860,266) | 6,317,802 |
11,355,296 | 2,543,644 | - | - |
114,507,455 | 710,791,028 | (21,860,266) | 6,317,802 |
(21,810,824) | (77,217,506) | (12,936,465) | (24,249,355) |
(171,596,152) | (256,250,391) | (80,250,811) | (84,613,276) |
- | - | - | - |
(193,406,976) | (333,467,897) | (93,187,276) | (108,862,631) |
(443,708,991) | (522,395,173) | (112,498,222) | (171,583,169) |
(522,608,512) | (145,072,042) | (227,545,764) | (274,127,998) |
(73,748,135) | (94,053,584) | (70,782,481) | (25,264,741) |
(596,356,647) | (239,125,626) | (298,328,245) | (299,392,739) |
- | - | - | - |
(596,356,647) | (239,125,626) | (298,328,245) | (299,392,739) |
Revenue from contracts - net Cost of goods sold
Gross ProfitOther operating income
Distribution cost Administrative expenses Other operating expenses
Finance cost
Loss before taxation Provision for Taxation Loss for the periodOther comprehensive profit/(loss) for the period - net of tax
Transfer from deferred tax due to change rate on opening revaluation surplus
Earnings per share (32.36) (12.97) (16.19) (16.24)
NOTES TO THE ACCOUNTSThese un-audited financial statements are being presented to the shareholders as required under SECP Notification No. SRO 746(1)2001 dated 05-11-2001 and in accordance with the requirements of International Accounting Standard-34 "Interim Financial Reporting".
Accounting policies adopted for the preparation of these quarterly accounts are the same as adopted in the preceding periodic financial statements.
Figures in these accounts have been rounded off to the nearest rupee.
Maqbool Textile Mills Limited | ||||
STATEMENT OF FINANCIAL POSITION | ||||
AS AT MARCH 31, 2025 | ||||
(Un-Audited) | UN-AUDITED | AUDITED | ||
31-Mar-25 | 30-Jun-24 | |||
ASSETS | Rupees | Rupees | ||
Non-current assets | ||||
Property, plant and equipment | 5,450,664,483 | 5,236,427,242 | ||
Long term deposits | 7,328,989 | 8,714,089 | ||
5,457,993,472 | 5,245,141,331 | |||
Current assets | ||||
Stores and spares | 176,844,466 | 202,017,003 | ||
Stock in trade | 1,084,268,156 | 1,838,369,038 | ||
Trade debts | 509,877,862 | 549,587,043 | ||
Loans and advances and prepayments | 107,750,733 | 281,317,864 | ||
Due from Government | 640,838,732 | 801,320,970 | ||
Advance tax | 73,502,096 | 153,038,445 | ||
Other financial assets | 10,000,000 | 10,386,500 | ||
Cash and bank balances | 7,268,630 | 7,488,368 | ||
2,610,350,675 | 3,843,525,231 | |||
Total assets | 8,068,344,148 | 9,088,666,562 | ||
EQUITY AND LIABILITIES | ||||
Share capital and reserves | ||||
Share capital | 184,320,000 | 184,320,000 | ||
Share premium | 65,280,000 | 65,280,000 | ||
Surplus on revaluation of property, plant | ||||
and equipment - net of deferred tax | 2,049,903,335 | 2,090,700,372 | ||
General reserve | 168,000,000 | 168,000,000 | ||
Unappropriated profits | (691,084,936) | (135,525,326) | ||
1,776,418,399 | 2,372,775,046 | |||
Loan from director | 203,691,079 | 16,701,079 | ||
1,980,109,478 | 2,389,476,125 | |||
Non-current liabilities | ||||
Long term financing | 1,391,852,566 | 458,246,535 | ||
Lease against right of use assets | 8,502,461 | 15,737,598 | ||
Deferred taxation | 650,888,662 | 712,635,574 | ||
Staff retirement benefits - gratuity | 77,235,939 | 67,339,550 | ||
2,128,479,628 | 1,253,959,257 | |||
Current liabilities | ||||
Trade and other payables | 1,876,039,053 | 1,942,476,099 | ||
Accrued mark up | 112,861,987 | 180,557,187 | ||
Short term borrowings | 1,699,864,516 | 3,040,183,675 | ||
Unclaimed dividend | 3,005,565 | 3,005,565 | ||
Unpaid dividend | 3,526,445 | 3,526,445 | ||
Current portion of long term financing | 180,730,793 | 142,578,889 | ||
Current portion of liabilities against right of use assets | 9,978,548 | 8,910,104 | ||
Provision for taxation | 73,748,135 | 123,993,216 | ||
3,959,755,042 | 5,445,231,180 | |||
Contingencies and commitments | - | - | ||
Total equity and liabilities | 8,068,344,148 | 9,088,666,562 | ||
Chief Executive Officer | Director | Chief Financial Officer | ||
31-Mar-25 | 30-Jun-24 |
Rupees | Rupees |
(522,608,512) | (828,573,695) |
161,295,574 | 212,974,505 |
- | (21,453,988) |
- | (2,365,796) |
33,906,561 | 37,474,148 |
- | (52,528) |
- | 19,688,489 |
73,748,135 | 104,279,666 |
443,708,991 | 766,859,044 |
712,659,261 | 1,117,403,540 |
190,050,749 | 288,829,845 |
25,172,537 | 13,468,655 |
754,100,882 | (193,737,082) |
39,709,181 | 854,499,215 |
173,567,131 | (87,455,304) |
160,482,238 | (414,954,015) |
1,153,031,969 | 171,821,469 |
(66,437,047) | 514,514,869 |
1,276,645,671 | 975,166,183 |
(179,951,914) | (138,076,378) |
(24,010,172) | (39,782,857) |
(511,404,191) | (748,596,531) |
(715,366,277) | (926,455,766) |
561,279,394 | 48,710,417 |
(65,052,133) | (154,784,621) |
134,000 | |
(310,480,682) | - |
386,500 | - |
2,374,963 | |
1,385,100 | 2,508,225 |
(373,761,215) | (149,767,433) |
268,257,935 | (137,265,535) |
186,990,000 | 16,701,079 |
54,239,522 | (260,339,376) |
(6,166,693) | (17,774,423) |
- | (283,870) |
503,320,764 | (398,962,125) |
690,838,943 | (500,019,141) |
(1,668,542,314) | (1,168,523,173) |
(977,703,371) | (1,668,542,314) |
Profit/(Loss) before taxation Adjustments for:
Depreciation
Amortization of deferred grant
Interest income on term finance certificate Provision for gratuity
Profit on sales of property, plant and equipment Final taxes
Revenue taxes Finance cost
Operating cash flows before working capital changes
(Increase)/decrease in current assetsStores and spares Stock-in-trade Trade debts
Loans and advances and prepayments Sales tax refundable
(Decrease)/increase in current liabilitiesTrade and other payables
Cash generated from / (used in) operations
Income tax paid Gratuity paid Finance cost paid
Net cash (used in) operating activities CASH FLOWS FROM INVESTING ACTIVITIESPurchases of property, plant and equipment Proceeds from disposal of property and equipment Addition in capital work in progress
Other financial assets
interest received on term finance certificates Long-term deposits
Net cash (used in) investing activities CASH FLOWS FROM FINANCING ACTIVITIESAcquired/(Repayment) of Long-term finances Loan from director
Short-term borrowings - net Acquired/(Repayment) of Lease liabilities Dividend paid
Net cash generated from financing activitiesNet increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the period
Chief Executive Officer Director Chief Financial Officer STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED MARCH 31, 2025 (Un-Audited) Maqbool Textile Mills LimitedShare capital | Capital Reserve | Revenue reserves | Total | |||
Issued, subscribed and paid-up | Share premium | Surplus on revaluation of Property, Plant and Equipment | General reserve | Un-appropriated profit | Loan from director | |
---------------------------------------------------- Rupees ----------------------------------------------------
Balance as at July 01, 2023 | 184,320,000 | 65,280,000 | 1,580,516,928 | 168,000,000 | 630,760,398 | - | 2,628,877,326 |
Loss for the nine months ended March 31, 2024 | - | - | - | - | (239,125,626) | - | (239,125,626) |
Other comprehensive income / (loss) for period | - | - | - | - | - | - | |
- | - | - | - | (239,125,626) | - | (239,125,626) | |
Transfer to unappropriated profit on account of | |||||||
incremental depreciation on surplus of revaluation | |||||||
of property, plant & machinery | - | (37,797,038) | 37,797,038 | - | |||
Balance as at March 31, 2023 | 184,320,000 | 65,280,000 | 1,542,719,890 | 168,000,000 | 429,431,810 | - | 2,389,751,700 |
Balance as at July 01, 2024 | 184,320,000 | 65,280,000 | 2,090,700,372 | 168,000,000 | (135,525,326) | 16,701,079 | 2,389,476,125 |
Loss for the nine months ended March 31, 2025 | - | - | - | - | (596,356,647) | - | (596,356,647) |
Other comprehensive income / (loss) for period | - | - | - | - | - | - | |
- | - | - | - | (596,356,647) | - | (596,356,647) | |
Transaction with ownwers Transfer to unappropriated profit on account of incremental depreciation on surplus of revaluation of property, plant & machinery | - | (40,797,037) | - | 40,797,037 | 186,990,000 | 186,990,000 - | |
Balance as at March 31, 2025 | 184,320,000 | 65,280,000 | 2,049,903,335 | 168,000,000 | (691,084,936) | 203,691,079 | 1,980,109,478 |
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