Condensed Interim Financial Statements
For the Three-Months Period Ended
September 30, 2023
(Un-audited)
PAKISTAN HOTELS DEVELOPERS LIMITED
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Pakistan Hotels Developers Ltd.
Contents | |
o Vision and Mission | 2 |
o Corporate Profile | 3 |
o Directors' Report | 4 |
o Directors' Report (Urdu Version) | 6 |
o Condensed Interim Statement of Financial Position | 7 |
o Condensed Interim Statement of Profit or Loss and | |
Other Comprehensive Income | 8 |
o Condensed Interim Statement of Changes in Equity | 9 |
o Condensed Interim Statement of Cash Flows | 10 |
o Notes to the Condensed Interim Financial Statements | 11 |
Financial Statements, September 30, 2023 | 1 |
Pakistan Hotels Developers Ltd.
Vision and Mission
It is our cherished goal to be the Industry leader in hotel business by establishing a complete, unique, distinctive and truly a five star deluxe hotel complex.
To achieve the above objective and to provide the highest level of satisfaction to our valued customers, we are constantly engaged and working with a missionary zeal to bring necessary improvements in our existing facilities and to excel in offering efficient and quality services to them.
We are also committed to maintain the highest level of International hotel standards, which will add to the glory and prestige of the Country and promote tourism.
2 | Financial Statements, September 30, 2023 |
Pakistan Hotels Developers Ltd.
CORPORATE PROFILE
BOARD OF DIRECTORS:
NON-EXECUTIVE DIRECTORS
Mr. Zaheer Baweja
Chairman
Mrs. Shahina Khalid
Director
Mrs. Shazia Jamal
Director
EXECUTIVE DIRECTORS
Mr. Muzaffar F. Baweja
Chief Executive Officer
Mr. Zubair Baweja
Managing Director
INDEPENDENT DIRECTORS
Mr. Qazi Ahmed Saeed
Mr. Nadeem Ul Haq Najmi
AUDIT COMMITTEE:
Mr. Qazi Ahmed Saeed
Chairman
Mrs. Shahina Khalid
Member
Mr. Nadeem Ul Haq Najmi
Member
HR & R COMMITTEE:
Mrs. Shahina Khalid
Chairperson
Mr. Qazi Ahmed Saeed
Member
Mr. Nadeem Ul Haq Najmi
Member
COMPANY SECRETARY:
M. Taha Ali Khan
CHIEF FINANCIAL OFFICER:
Syed Haseen Anwer
BANKERS:
Al Baraka Bank (Pakistan) Ltd.
Bank Al-Habib Ltd.
Bankislami Pakistan Ltd.
Bank Al-Falah Ltd.
Faysal Bank Ltd.
Habib Bank Ltd.
Meezan Bank Ltd.
National Bank of Pakistan
Summit Bank Ltd.
United Bank Ltd.
AUDITORS:
Clarkson Hyde Saud Ansari
Chartered Accountants
LEGAL ADVISOR:
Mukesh K. Sharma
INDEPENDENT SHARE REGISTRAR:
F. D. Registrar Services (SMC-Pvt.) Limited 17th Floor, Saima Trade Tower-A,
I. I. Chundrigar Road, Karachi.
REGISTERED OFFICE:
Regent Plaza Hotel, Mezzanine Floor, 195/2, Shahrah-e-Faisal, Karachi.
Financial Statements, September 30, 2023 | 3 |
Pakistan Hotels Developers Ltd.
DIRECTORS' REPORT
The Board of Directors of Pakistan Hotels Developers Ltd. is pleased to present the unaudited condensed interim financial statements of the company for the first quarter ended September 30, 2023.
The company has received an offer letter dated October 09, 2023 from SIUT Trust for the purchase of hotel "Regent Plaza" Karachi against Rs.14.50 billion. The Board of Directors in their meeting held on October 12, 2023, after considering the offer has proposed the same to the members for deliberation and consideration. The company vide its notice dated October 16, 2023 called an EOGM on November 06, 2023 for onward consideration on the offer letter.
The Board of Directors is committed to working to increase the wealth of shareholders and making operations viable to provide a stream of earnings to them. The disclosure of the offer has already been made to SECP and the Pakistan Stock Exchange for dissemination of information for all compliance.
The period under review witnessed multiple challenges such as high inflation rates, historical higher interest rates, low foreign reserves, devaluation in Pak Rupees and continue political uncertainties. Due to political crises, significant import curtailment and various inconsistent policies of the government in the country, business industries are not in a position to make long-term plan and their strategy.
Financial results for the 1st three months period under review are summarized as follows:
For the three-months period ended | ||||
30th September | ||||
2023 | 2022 | |||
............ (Rupees '000) | ||||
Revenue net | 167,736 | 117,523 | ||
Gross profit | 69,291 | 40,246 | ||
Profit/(loss) before taxation | 21,204 | (9,109) | ||
Profit/(loss) | after taxation | 16,852 | (7,923) | |
Profit/(loss) | per share (rupees) | 0.94 | (0.44) | |
4 | Financial Statements, September 30, 2023 |
Pakistan Hotels Developers Ltd.
By the grace of Almighty Allah during the three months period ended September 30, 2023, the company recorded a net revenue of Rs. 167.74 million as compared to Rs. 117.52 million registered in the corresponding period of the last year and witnessed growth of 43%. Gross profit for the period under report registered at Rs. 69.29 million as compared to Rs. 40.25 million of comparative period of the last year. The profit before tax is Rs. 21.20 million as compared to loss of Rs. 9.11 million of corresponding period of last year.
The earning per share of the company for the first quarter ended September 30, 2023 is Rs. 0.94 as compared to loss Rs. 0.44 during the same period of last year.
During the period, we paid in exchequer of Rs.31 million in terms of sales tax and other taxes.
Directors have not declared any interim dividend for the quarter ended September 30, 2023.
No casual vacancy was occurred in the directorship during the reporting quarter.
The Board of Directors express their appreciation to the entire team of the company, the esteemed guest, the valuable shareholders as well as all the other stakeholders for their confidence and support.
For and on behalf of the Board of Directors
Zubair Baweja | Muzaffar F.Baweja |
Managing Director | Chief Executive Officer |
Karachi: October 26, 2023 |
Financial Statements, September 30, 2023 | 5 |
Pakistan Hotels Developers Ltd.
2022 | 2023 |
117,523 | |
167,736 | |
40,246 | 69,291 |
(9,109) | 21,204 |
(7,923) | 16,852 |
(0.44) | 0.94 |
69.2921.20
0.94
202326
6 | Financial Statements, September 30, 2023 |
Pakistan Hotels Developers Ltd.
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT SEPTEMBER 30, 2023
Un-Audited | Audited |
Note Sep. 30, 2023 | Jun 30, 2023 |
NON CURRENT ASSETS
......... (Rupees in '000) .........
Property, plant and equipment
Long term deposits
CURRENT ASSETS
Stores and spares
Inventory - food and beverages Trade receivables
Advances, prepayments and other receivables Cash and bank balances
SHARE CAPITAL AND RESERVES
Share capital (ordinary shares 18,000,000 of Rs.10/- each)
Capital reserve
Surplus on revaluation of property, plant and equipment
Revenue reserve
Unappropriated Profit
NON CURRENT LIABILITIES
Deferred taxation
Security deposits
CURRENT LIABILITIES
Unpaid dividend
Unclaimed dividend
Trade and other payables
Contingencies and commitments | 4 |
10,041,023
6,035
10,047,058
2,792
3,223
70,848
29,817
45,751
152,431
10,199,489
180,000
9,412,552
189,785
9,782,337
273,413
4,680
278,093
16,343
10,497
112,219
139,059
-
10,199,489
10,053,235
6,035
10,059,270
1,946
3,222
53,241
22,840
21,465
102,714
10,161,984
180,000
9,419,404
166,081
9,765,485
276,211
4,680
280,891
16,343
10,497
88,768
115,608
-
10,161,984
The annexed notes form an integral part of these condensed interim financial statements.
MUZAFFAR F. BAWEJA | ZUBAIR BAWEJA | SYED HASEEN ANWER | |
Chief Executive Officer | Managing Director | Chief Financial Officer | |
Karachi: October 26, 2023 | |||
Financial Statements, September 30, 2023 | 7 |
Pakistan Hotels Developers Ltd.
CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
for the Three-Months Period ended September 30, 2023
(Un-Audited)
Jul-Sep
2023
........ (Rupees in '000) ........
Revenue
Less: sales tax and other taxes
Less: cost of sales & services
Gross profit
Less: administrative, selling and general expenses
Add: other operating income
Operating profit / (loss)
Less: financial expenses
Profit / (loss) before taxation
TAXATION
Current
Prior period
Deferred
Net profit / (loss) after tax
Other comprehensive income
Total comprehensive income / (loss) for the period ended
Earning / (loss) per share basic and diluted - Rupees
192,950
(25,214)
167,736
(98,445)
69,291
(48,625)
20,666
538
21,204
-
21,204
(7,150)
-
2,798
(4,352)
16,852
-
16,852
0.94
132,824
(15,301)
117,523
(77,277)
40,246
(49,882)
(9,636)
527
(9,109)
-
(9,109)
(1,761)
-
2,947
1,186
(7,923)
-
(7,923)
(0.44)
The annexed notes form an integral part of these condensed interim financial statements.
MUZAFFAR F. BAWEJA | ZUBAIR BAWEJA | SYED HASEEN ANWER |
Chief Executive Officer | Managing Director | Chief Financial Officer |
Karachi: October 26, 2023 | ||
8 | Financial Statements, September 30, 2023 |
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Pakistan Hotels Developers 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 05:52:10 UTC.