Quetta Textile Mills : Transmission of Quarterly Report for the period Ended on 31-12-2022

REVIEWED FINANCIAL STATEMENT

FOR THE HALF YEAR ENDED

DECEMBER 31, 2022

(UN-AUDITED)

QUETTA TEXTILE MILLS LIMITED

QUETTA TEXTILE MILLS LIMITED

CONTENTS

Company Information	2
Director's Report to the Members (English)	3
Director's Report to the Members (Urdu)	4
Independent Auditor Review Report	5 - 6
Condensed Interim Statement of Financial Position	7
Condensed Interim Statement of Profit or Loss (Un-audited)	8
Condensed Interim Statement of Other Comprehensive Income (Un-audited)	9
Condensed Interim Statement of Changes in Equity (Un-audited)	10
Condensed Interim Statement of Cash Flows (Un-audited)	11
Notes to the Condensed Interim Financial Statements (Un-audited)	12-14

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QUETTA TEXTILE MILLS LIMITED

COMPANY INFORMATION

BOARD OF DIRECTORS

Mr.	Tauqir Tariq	Chairman
Mr.	Tariq Iqbal	Chief Executive
Mr.	Asim Khalid	Director
Mr.	Omer Khalid	Director
Mrs. Saima Asim	Director
Mr. Muhammad Sarfraz	Independent Director
Mr. Abbas Ali	Independent Director
AUDIT COMMITTEE
Chairman	Mr. Muhammad Sarfraz
Member	Mr. Tauqir Tariq
Member	Mr. Asim Khalid
HUMAN RESOURCE & REMUNERATION
COMMITTEE
Chairman	Mr. Abbas Ali
Member	Mr. Tariq Iqbal
Member	Mrs. Saima Asim
CHIEF FINANCIAL OFFICER	Mr. Omer Khalid
COMPANY SECRETARY	Mr. Nudrat Mund Khan
AUDITORS	Mushtaq and Company Chartered Accountants
SHARE REGISTRAR	C & K Management Associates (Pvt) Ltd
		404, Trade Tower, Abdullah Haroon Road, Near
		Metropole Hotel, Karachi-75530.
BANKERS	Allied Bank Limited
		Al-Baraka Bank (Pakistan) Limited
		Bank Alfalah Limited
		Bank Islami (Pakistan) Limited
		Dubai Islamic Bank (Pakistan) Limited
		Faysal Bank Limited
		Habib Bank Limited
		Habib Metro Bank Limited
		Meezan Bank Limited
		National Bank of Pakistan
		Soneri Bank Limited
		Silk Bank Limited
		Standard Chartered Bank (Pakistan) Limited
		Summit Bank Limited
		United Bank Limited
REGISTERED OFFICE	Nadir House (Ground Floor)
		I. I. Chundrigar Road, Karachi
MILLS	P/3 & B/4, S.I.T.E., Kotri.
		49 K.M., Lahore, Multan Road, Bhai Pheru
WEB SITE ADDRESS	www.quettagroup.com

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QUETTA TEXTILE MILLS LIMITED

DIRECTORS' REPORT

Assalam-e-Alaikum

Dear Shareholders:

We present to you the results of the company for the half year & quarter ended December 31, 2022.

Your company made a pre-tax loss of Rs. 308.471 million, as compared to the corresponding last half- year pre-tax loss of Rs. 37.501 million and Turnover recorded for the half year ended was Rs. 1,731.132 million, as compared to corresponding last half year's sales of Rs. 2,579.713 million.

Due to world recession, demand for textile products has been on a decline. This has resulted a fall in demand and prices in the local market also.

Customers are carring high level of stocks with a drop in demand, resulting in reluctance to do further business. High interest rates, double-digit inflation, exponential rise in fuel prices and exchange rate uncertainties are creating difficulties in business planning.

Import LCs and foreign payments are not being entertained which are creating further problems in getting machinery spare parts and materials from abroad. Electricity and gas subsidies have been withdrawn which were allowed till June '23. Manufacturing units are not being able to up-load this high price increase in the selling price. This is the "last nail in the coffin". There seems to be "no light at the end of the tunnel" in terms of recovery of industry and manufacturing units. Industrial units are closing down resulting in massive unemployment. A massive brain-drain is already in the works as many are looking abroad for employment opportunities.

In the end, I would like to thank all the staff and workers of the company and the supporting financial institutions for their confidence and efforts shown towards the company in its difficult time.

On behalf of the Board of Directors,

Tariq Iqbal

Omer Khalid

Chief Executive Officer

Director

Karachi:

Dated: March 01, 2023

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