Premium Textile Mills : Transmission of Quarterly Accounts for the Period ended 2022-9-30

QUARTERLY REPORT

(UN-AUDITED)

Financial Statements

For The First Quarter

Ended 30th Sept 2022

CONTENTS

	02	DIRECTORS' REPORT	06	BALANCE SHEET
	08	STATEMENT OF	09	STATEMENT OF CHANGES IN
	COMPREHENSIVE INCOME	EQUITY
	11	NOTES TO THE FINANCIAL
	STATEMENTS

07	PROFIT AND LOSS ACCOUNT
10	CASH FLOWS STATEMENT

01

DIRECTORS' REPORT

FOR THE 1st QUARTER ENDED 30th SEPTEMBER, 2022

Dear Members,

The Directors would like to present the Accounts of the Company for the 1st quarter ended 30th September, 2022. The overall Performance of the company is summarized below:

	July - Sept		July - Sept
	2022	2021
Operating Profit	1,523,417,864	1,236,083,732
Financial & Others	(134,317,096)	(96,064,344)
Profit before Taxation
1,389,100,768	1,140,019,388
Taxation	(68,955,071)	(42,284,465)
Profit after Taxation	1,320,145,697		1,097,734,923
Earnings per share
214.21	178.12
Gross Margin %	28.99%	33.06%
Operating Profit %	26.43%	29.55%
Net Profit after tax%	22.90%	26.25%

Operating Result

During the period under review, the company has made a profit after tax of Rs. 1,320.145 million as compared to Rs.1,097.735 million during the same period of last year due to an increase in sales volume. There is a reduction in gross profit % and operating profit % because of increase in cost of production per bag as compared to last year. Financial charges have increased due to an increase in short-term running finance. Other income increased due to exchange gain on foreign debtors.

Future Outlook

It would not be correct or overly pessimistic to say that we cannot expect the coming quarters to be as good as this one, for the simple reason that the demand and prices in the western countries where we export directly or indirectly have been badly hit by inflation and wars and political turmoil.

The Ukraine war has resulted in price hikes, especially for gas and electricity, and also food inflation is hitting the roof. Now, people are forced to choose how to allocate their money. Obviously, the first priority will go to food, then heating for the winter then will come things like clothes.

We are trying to stay in the black by adopting cost- cutting measures and adopting the" just in time" approach etc.

We hope to earn profits for you and the company even in the difficult time to come.

02

Acknowledgements

We are grateful to almighty Allah, who helped us to come up to the expectation of our valued shareholders, who had reposed their confidence in us, and are also pleased to record our appreciation for dedicated hard-working management, staff members & workers without which it could not have been possible for us to deliver these results. Your Board would also like to thank our valued customers, and bankers for their continued Trust in the company.

ON BEHALF OF THE BOARD OF DIRECTORS

Mr. Abdul Kadir Adam	Mr. Yasin Siddik
Chief Executive Officer	Executive Director

28th October , 2022

Karachi.

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