Nazir Cotton Mills : Corporate Briefing Financials 2022

CORPORATE BRIEFING FINANCIALS

During the year ended June 30, 2022, the mail line of the operation i.e. the "Spinning" remained

Closed. The company has started the business of dairy. During the year under consideration, sales proceed was rupees 3,795 million. The management is trying to extend the dairy business.

The Management is also trying to secure electric connection to resume its main line of business i.e. spinning.

The year under review shows that the company has incurred net loss of Rs. 1.989 Million after accounting for administrative expenses of Rs. 21,686 Million including depreciation of Rs. (15.306) Million as compared to last corresponding year's net profit of Rs. 2.756 Million.

Due to the unfavorable market condition, the operation of the mill remained closed during the year under consideration. However, the new business of Dairy has been started. The management is in opinion that if the company is succeeded to secure the electricity connection, the company will resume its commercial production of spun yarn.

The financial results of the company for the year under the review are as under:

Particulars	2022	2021
	Rupees	Rupees
Operating Profit/(Loss)	(29,111,299)	(22,606,256)
Financial charges	(806)	(2,978)
Other income	853,038	22,931,389
(Loss)/Profit before Taxation	(28,259,467)	(322,155)
Taxation	26,270,605	2,434,038
(Loss)/Profit after taxation	(1,988,862)	2,756,193
Accumulated loss brought	(399,024,418)	(420,014,474)
Loss available for appropriation	(401,013,280)	(399,024,418)

Earnings / (Loss) per share Based on net loss for the year ended June 30, 2022, is Rs. (0.09) as compared to the profit per share of 0.12 in the preceding year ended June 30, 2021.

Moreover, No dividend has been declared by the company during the year due to loss