Jubilee Spinning & Weaving Mills : Transmission of Quarterly Report for the Period Ended 30.09.2023

Jubilee Spinning & Weaving Mills Limited

Condensed Interim Financial Information

First Quarter Ended (Un-Audited)

September 30, 2023

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Company Information

Board of Directors
Mr. Shaukat Shafi	(Chairman)
Mr. Shams Rafi	(Chief Executive Officer)
Mr. Salman Rafi
Mr. Tariq Shafi
Mr. Adnan Amjad
Mr. Muhammad Akbar Khan
Mrs. Sana Salman
Audit Committee
Mr. Adnan Amjad	(Chairman)
Mr. Shaukat Shafi	(Member)
Mrs. Sana Salman	(Member)
Company Secretary
Mr. Muhammad Zeeshan Saleem
Auditors
Riaz Ahmed & Company
Chartered Accountants
Legal Advisor
Arain Law Associates
Bankers

Habib Bank Limited

National Bank of Pakistan

Soneri Bank Limited

Standard Chartered Bank (Pakistan) Limited

Habib Metropolitan Bank Limited

Faysal Bank Limited

Allied Bank Limited

Registered Office

503-E, Johar Town

Lahore, Pakistan

Mills

B-28, Manghopir Road, S.I.T.E. Karachi

Directors' Report To The Shareholders

The Directors of your Company are pleased to present the results for the First Quarter ended September 30, 2023.

During the year, the company incurred a loss of Rs. (1.76) million after charging costs, expenses and provision for taxation for the period. Loss incurred during same period of the previous financial year was Rs. (0.11) million.

The financial results of the concerned quarter are summarized as follows:

Period ended	September 2023	September 2022
Revenue	1,296,554	1,813,456
Cost of sales	(1,458,586)	(872,465)
Gross profit/(Loss)	(162,032)	940,991
Admin and other operating expenses	(15,171,413)	(12,104,173)
Other income	17,303,625	14,164,339
Financial charges	(2,916)	(730)
Provision for taxation	(3,727,618)	(3,111,010)
Loss after tax	(1,760,354)	(110,583)
Basic earnings per share	(0.05)	(0.003)

Comparing the two quarters of the same period, revenue decreased by Rs. 0.516 million. Cost of revenue increased due to higher depreciation charged on the newly-installed solar energy system, increasing the gross loss. Other income and administrative expenses increased by Rs. 3.14 million and 3.07 million respectively.

The management of the company is confident that results will improve in the remaining three quarters of this financial year.

In closing, we would like to thanks all stakeholders for their continued support.

For and on behalf of the Board of Directors

Shams Rafi	Salman Rafi
Chief Executive Officer	Executive Director

Karachi

October 24, 2023

 



	 
 202330 

0.1101.76 

								 
								
								
		2022		2023		
				
	1,813,456		1,296,554			
			(872,465)		(1,458,586)			 
			940,991		(162,032)		
			52%		(12%)		
	(12,104,173)		(15,171,413)		    
	14,164,339		17,303,625			 
			(730)		(2,916)			 
	(3,111,010)		(3,727,618)		
			(110,583)		(1,760,354)		
			(0.003)		(0.05)		  
 	  0.516	
3.073.14	 	  
									
						 
							 
									
						 
								
									
						



202324

JUBILEE SPINNING & WEAVING MILLS LTD.

SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION (Un-audited)

FOR THE PERIOD ENDED SEPTEMBER 30, 2023

1. THE COMPANY AND ITS OPERATIONS

1. Jubilee Spinning & Weaving Mills Limited (the Company) was incorporated in Pakistan as a public limited company on 12 December 1973 under the Companies Act, 1913 (Now The Companies Act 2017). The Company obtained certificate of commencement of business in January 1974. Shares of the Company are listed on Pakistan Stock Exchanges in Pakistan. Its registered office is suitated at 503-E, Johar Town, Lahore. While the factory is located at B-28, Manghopir Road, SITE Karachi. Since the year 2014 the company has rented out its space to third parties.
2. GOING CONCERN ASSUMPTION
   The Company earns a profit before tax Rupees 1.97 million and after adjusting income tax suffered a loss of Rs. 1.76 million during the first quarter ending September 30, 2023. Accumulated loss is Rupees 246.74 million as at 30 September 2023 (30 June 2023: Rupees 244.98 million).

The company earns a profit before tax of Rs. 1.96 million. comparing with the previous year of the same period it was Rs. 3.00 million. During the quarter under review cost of revenue and administrative cost went up because of depreciation on and installation of newely installed solar energy system. On the other hand inflation has an upward trend as usual. However the managment is confident that the results will be improved in the remaining quarters of the year and going forward. This condensed interim financial information has been prepared on going concern basis and do not include any adjustment relating to the realization of its assets and liquidation of any liabilities that might be necessary should the Company be unable to continue as a going concern.

2. BASIS OF PREPARATION

2.1 Statement of Compliance

This condensed interim financial information of the Company for the 1st Quarter ended 30 September 2023 has been prepared in accordance with the requirements of the International Accounting Standard 34 - 'Interim Financial Reporting' and provisions of directives issued under the Companies Act 2017. In case where requirements differ, the provisions or directives issued under the Companies Act 2017 have been followed.

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