1st QUARTERLY ACCOUNTS
September 30, 2023
MAHMOOD TEXTILE MILLS
Directors' Review to Shareholders
The Directors of Mahmood Textile Mills Limited are pleased to present its review report along with unaudited condensed interim financial information of your Company for the 1st Quarter ended 30th September 2023. With the blessings of Almighty ALLAH, the Company during the quarter under report after providing depreciation amounting to Rs. 424.063 million and income tax of Rs. 175.00 million earned a net profit of Rs. 191.154 million.
The detail of the production and sales of yarn and fabrics is tabulated as under:
PRODUCTION DATA | ||
Production of yarn | = kgs. | 15,195,736 |
(Converted into 20 count) | ||
Production of cloth | = mtrs. | 13,469,380 |
(Converted into 60 picks) | ||
Production of Garments | = Pieces | 698,538 |
TURNOVER | ||
Total Sales (Net) | = Rs. (Million) | 17,781.172 |
For and on behalf of the board | |
sd/- | sd/- |
(KHAWAJA MUHAMMAD YOUNUS) | (KHAWAJA MUHAMMAD ILYAS) |
Chief Executive Officer | Chairman |
Multan: | |
Dated: 30th October, 2023 |
03
Condensed Interim Statement of Financial Position (Un-audited)
As At September 30, 2023
30 Sep, 2023 | 30 June, 2023 | |
Rupees | Rupees | |
ASSETS | ||
Non-current assets | ||
Property, plant and equipment | 18,022,456,836 | 17,654,660,879 |
Investment property | 162,687,000 | 162,687,000 |
Intangible asset | 4,282,510 | 4,846,115 |
Long term investments | 5,689,696,328 | 5,538,760,850 |
Long term deposits | 53,854,135 | 53,814,135 |
Current assets | 23,932,976,809 | 23,414,768,979 |
Stores, spares and loose tools | 1,338,242,880 | 1,357,140,105 |
Stock in trade | 17,116,423,863 | 17,736,240,320 |
Trade debts | 6,019,290,654 | 6,144,970,571 |
Loans and advances | 1,932,937,453 | 925,347,505 |
Other receivables | 250,875,623 | 256,095,983 |
Short term investments | 31,986,968 | 24,795,100 |
Tax refunds due from the Government | 1,020,406,138 | 1,476,972,686 |
Cash and bank balances | 34,956,004 | 34,613,661 |
27,745,119,584 | 27,956,175,931 | |
TOTAL ASSETS | 51,678,096,393 | 51,370,944,910 |
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 | 300,000,000 | 300,000,000 |
Capital reserves: | ||
Capital reserve | 7,120,600 | 7,120,600 |
Surplus on revaluation of property, plant and equipment | 2,480,292,333 | 2,508,051,120 |
Fair value gain / (loss) on long term investment | ||
Revenue reserve - Unappropriated profit | 11,158,409,075 | 10,939,496,770 |
13,945,822,008 | 13,754,668,490 | |
Liabilities | ||
Non-current liabilities |
Long term financing
Lease liabilities
Deferred liabilities
9,467,573,530
27,930,595
579,207,175
10,074,711,301
9,063,680,537
29,870,840
585,511,779
9,679,063,156
Current liabilities | |||
Trade and other payables | 4,906,882,202 | 6,350,162,198 | |
Unclaimed dividends | 3,680,033 | 3,699,840 | |
Advance from Customers | 78,582,381 | 126,477,024 | |
Accrued mark-up | 1,360,428,458 | 1,220,860,266 | |
Short term borrowings | 18,756,112,751 | 17,654,509,982 | |
Current maturity of long term liabilities | 1,607,194,471 | 1,811,821,166 | |
Taxation | 944,682,788 | 769,682,788 | |
Total liabilities | 27,657,563,084 | 27,937,213,264 | |
37,732,274,384 | 37,616,276,420 | ||
TOTAL EQUITY AND LIABILITIES | 51,678,096,393 | 51,370,944,910 |
Contingencies and commitments
sd/- | sd/- | sd/- |
Kh. Muhammad Ilyas | Kh. Muhammad Younus | Yasir Ghaffar |
Chairman | Director | Chief Financial Officer |
04
Condensed Interim Statement of Profit or Loss (Un-audited)
For The Quarter Ended September 30, 2023
30 Sep, 2023 | 30 Sep, 2022 | ||
Note | Rupees | Rupees | |
Sales - net | 27 | 17,781,172,058 | 12,302,231,251 |
Cost of sales | 28 | (14,858,516,826) | (10,512,523,340) |
Gross profit | 2,922,655,232 | 1,789,707,911 | |
Distribution cost | 29 | (491,495,866) | (461,689,726) |
Administrative expenses | 30 | (402,496,541) | (334,783,996) |
Other expenses | 32 | (11,757,709) | (70,056,328) |
Other income | 31 | 2,110,842 | 17,567,175 |
Profit from operations | 2,019,015,959 | 940,745,036 | |
Finance cost | 33 | (1,803,797,918) | (648,582,557) |
Share of profit of associates | 7 | 150,935,477 | 129,106,131 |
Profit before taxation | 366,153,518 | 421,268,609 | |
Taxation | 34 | (175,000,000) | (120,000,000) |
Profit after taxation | 191,153,518 | 301,268,609 | |
Earnings per share | 35 | 6.37 | 16.07 |
sd/- | sd/- | sd/- |
Kh. Muhammad Ilyas | Kh. Muhammad Younus | Yasir Ghaffar |
Chairman | Director | Chief Financial Officer |
05
Condensed Interim Statement of Changes in Equity (Un-audited)
For The Quarter Ended September 30, 2023
Capital reserves | Revenue reserve | ||||||||
Share | Capital | Surplus on | Fair value gain | Unappropriated | Total | ||||
revaluation of | |||||||||
capital | on long term | ||||||||
reserve | property, plant | profit | |||||||
investment | |||||||||
and equipment | |||||||||
----------------------------- | Rupees | ---------------------------- | |||||||
Balance as at June 30, 2022 | 187,500,000 | 7,120,600 | 2,529,956,267 | - | 9,926,512,816 | 12,651,089,683 | |||
Total Comprehensive income for the year | |||||||||
Transactions with the owners | |||||||||
100 % cash dividend for the year ended June 30, 2021 | - | - | - | - | (187,500,000) | (187,500,000) | |||
Bonus shares issued during the period | 112,500,000 | (112,500,000) | - | ||||||
Profit for the year | - | - | - | - | 1,201,948,807 | 1,201,948,807 | |||
Other comprehensive loss for the year | - | - | 89,130,000 | - | - | 89,130,000 | |||
- | - | 89,130,000 | - | 1,201,948,807 | 1,291,078,807 | ||||
Reclassification adjustment on account of deemed | |||||||||
disposal due to approval of scheme | |||||||||
of arrangement | - | - | - | - | - | - | |||
Transfer from revaluation surplus on property, plant and | |||||||||
equipment on account of incremental depreciation | - | - | (111,035,147) | - | 111,035,147 | - | |||
Balance as at June 30, 2023 | 300,000,000 | 7,120,600 | 2,508,051,120 | 10,939,496,770 | 13,754,668,490 | ||||
Total Comprehensive income for the year |
Profit for the year
Other comprehensive loss for the year
Reclassification adjustment on account of deemed disposal due to approval of scheme
of arrangement
Transfer from revaluation surplus on property, plant and equipment on account of incremental depreciation
- | - | - | - | 191,153,518 | 191,153,518 |
- | - | - | - | - | - |
- | - | - | - | 191,153,518 | 191,153,518 |
- | - | - | - | - | - |
- | - | (27,758,787) | - | 27,758,787 | - |
Balance as at September 30, 2023 | 300,000,000 | 7,120,600 | 2,480,292,333 | - | 11,158,409,075 | 13,945,822,008 |
NOTES TO THE ACCOUNTS
- These accounts are un-audited and are being presented to Members as required under Section 237 of the Companies Act 2017.
- Accounting Policies have been adopted are the same applied in the preparation of Annual Accounts for the year ended 30-06-2023.
- Provision for WPPF has been made in the accounts and will be provided at the end of the year 30-06-2024.
- Figures are re-arranged where ever necessary for the proposes of comparison and figures are rounded off to the nearest rupee.
sd/- | sd/- | sd/- |
Kh. Muhammad Ilyas | Kh. Muhammad Younus | Yasir Ghaffar |
Chairman | Director | Chief Financial Officer |
06
Condensed Interim Statement of Cash Flows (Un-audited)
For The Quarter Ended September 30, 2023
30 Sep, 2023 | 30 Sep, 2022 | ||||
Rupees | Rupees | ||||
Cash flows from operating activities | |||||
Profit for the year - before taxation and share of | |||||
profit of associates | 215,218,041 | 292,162,479 | |||
Adjustments for non-cash charges and other items: | |||||
Depreciation | 424,063,357 | 262,014,015 | |||
Amortization | 563,605 | 519,226 | |||
Gain on disposal of operating fixed assets - net | (2,110,842) | (2,803,610) | |||
short term investments | - | (5,736,506) | |||
Dividend income and markup on TFC's | - | (7,459,515) | |||
Finance cost | 1,803,797,918 | 648,582,557 | |||
Profit before working capital changes | 2,441,532,079 | 1,187,278,646 | |||
Effect on cash flows due to working capital changes | |||||
(Increase) / decrease in current assets | |||||
Stores, spares and loose tools | 18,897,226 | (57,970,821) | |||
Stock in trade | 619,816,457 | (1,215,542,253) | |||
Trade debts | 125,679,917 | (102,109,205) | |||
Loans and advances | (1,007,589,948) | (613,141,019) | |||
Other receivables | 5,220,360 | (5,084,735) | |||
Sales tax refunds | 553,324,043 | (26,157,396) | |||
Increase in trade and other payables | (1,491,174,639) | 378,525,823 | |||
(1,175,826,586) | (1,641,479,605) | ||||
Cash (used in) / generated from operations | 1,265,705,493 | (454,200,959) | |||
Income tax paid | (103,062,098) | (148,891,127) | |||
Net cash (used in) / generated from operating activities | 1,162,643,395 | (603,092,086) |
Cash flows from investing activities
Purchase of property, plant and equipment Sale proceeds of operating fixed assets Short term investments - net
Long term deposits
Dividends and profit on TFC's
Net cash used in investing activities
(812,296,834)
22,548,361
(7,191,868)
(40,000)
-
(796,980,341)
(566,409,450)
18,030,000
(61,371,888)
(388,676)
7,459,515
(602,680,499)
Cash flows from financing activities | |||||
Long term financing - net | 199,266,298 | 260,764,908 | |||
Lease liabilities | (1,940,245) | 4,805,886 | |||
Dividend paid | (19,807) | - | |||
Short term borrowings - net | 1,101,602,769 | 1,564,591,332 | |||
Finance cost paid | (1,664,229,725) | (627,210,492) | |||
Net cash generated from / (used in) financing activities | (365,320,710) | 1,202,951,634 | |||
Net (decrease) / increase in cash and cash equivalents | 342,343 | (2,820,952) | |||
Cash and cash equivalents - at beginning of the year | 34,613,661 | 46,905,744 | |||
Cash and cash equivalents - at end of the year | 34,956,004 | 44,084,792 | |||
sd/- | sd/- | sd/- | |||
Kh. Muhammad Ilyas | Kh. Muhammad Younus | Yasir Ghaffar | |||
Chairman | Director | Chief Financial Officer |
07
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Mahmood Textile Mills Ltd. published this content on 30 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 October 2023 10:35:28 UTC.