Jubilee Spinning & Weaving Mills : Transmission of Quarterly Report for the Period Ended 31.03.2023
April 27, 2023 at 08:28 am
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Jubilee Spinning & Weaving Mills Limited
Condensed Interim Financial Information
Nine Month Accounts (Un-Audited)
March 31, 2023
1
Company Information
Board of Directors
Mr. Shaukat Shafi
(Chairman)
Mr. Shams Rafi
(Chief Executive Officer)
Mr. Salman Rafi
Mr. Usman Shafi
Mr. Aurangzeb Shafi
Mr. Adnan Amjad
Mr. Umer Shafi
Mrs. Sana Salman
Audit Committee
Mr. Adnan Amjad
(Chairman)
Mr. Usman Shafi
(Member)
Mr. Shaukat Shafi
(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
Dear Shareholders,
The Directors of your Company are pleased to present the results for the nine months ended March 31, 2023.
Net (Loss) / Profit
During the period under review, the company made a net loss of Rs. 3.189 million after charging costs, expenses and provisions. The result for the same period of the previous year was a net loss of Rs. 0.786 million.
Financial Results
The financial results of the company are summarized as follows:
Rupees
Rupees
Year ended on
March 31, 2023
March 31, 2022
Revenue
4,374,029
3,136,356
Cost of Sales
(4,752,457)
(5,554,099)
Gross (Loss)/ Profit
(378,428)
(2,417,743)
Gross Profit/ (Loss) rate %
(9%)
(77%)
Selling, Admin and Other Operating Cost
(39,670,815)
(35,842,773)
Other Income
45,331,792
41,778,528
Finance Charges
(229,300)
(27,428)
Provision for Tax
(8,242,788)
(4,277,383)
Profit / (Loss) After Tax
(3,189,539)
(786,799)
Basic Profit / (Loss) Per Share
(0.10)
(0.02)
Revenue during the current period improved by Rs. 1.237 million (39.46%) and other income increased by Rs.
3.55 million (8.51%). However, the impact of inflation outpaced the revenue, resulting in a net loss for the Company.
The management continues to focus on improving profitability for the remaining quarter of this financial period and onward.
In closing, we would like to thank all our stakeholders for their continued support.
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Jubilee Spinning & Weaving Mills Ltd. published this content on 27 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 April 2023 07:27:11 UTC.
Jubilee Spinning & Weaving Mills Limited is a Pakistan-based company. The Company is engaged in the business of renting out buildings and / or opens areas of the Companyâs premises to institutions, corporations, companies, other entities and individuals and provide various services/utilities to the same.