Karachi, In a recent meeting held on August 24, 2023, the Board of Directors of M/s. Ghandhara Tyre and Rubber Company Limited (“Company”) in Karachi approved the audited financial statements for the fiscal year ending June 30, 2023. The Board’s recommendations included no cash dividends, bonus shares, or right shares for shareholders.

Financial Snapshot for FY 2022-2023

The financial performance of the company for the fiscal year ending June 30, 2023, stood as follows:

Net solos reached Rs. 15,015,659 compared to Rs. 18,588,299 in the previous year.

Cost of sales was recorded at Rs. 12,726,992, a decrease from Rs. 16,135,560.

Gross profit amounted to Rs. 2,291,687, slightly lower than the previous year’s Rs. 2,452,739.

Administrative expenses were Rs. 312,089, compared to Rs. 332,219 in the prior year.

Distribution costs totaled Rs. 626,172, down from Rs. 687,602.

Other income stood at Rs. 100,328, down from Rs. 130,349.

Other expenses amounted to Rs. 354,630, an increase from Rs. 198,129.

Profit from operations reached Rs. 1,099,204, a decrease from Rs. 1,365,138.

Finance costs were Rs. 1,291,506, an increase from Rs. 747,818.

The company reported a loss before taxation of Rs. 193,618, down from a profit of Rs. 623,830.

Taxation charges amounted to a reversal of Rs. 26,204, compared to a charge of Rs. 267,765.

The company reported a loss for the year of Rs. 167,364, compared to a profit of Rs. 356,065 in the previous year.

Comprehensive Income and Future Plans

The company’s comprehensive income for the fiscal year revealed certain non-recurring items:

Staff retirement gratuity re-measurement resulted in a net loss of Rs. 31,240 (previously Rs. 27,147) after deferred tax adjustment.

Surplus on revaluation of leasehold lands contributed a net gain of Rs. 2,473,748.

The total comprehensive income for the year was Rs. 2,276,144, contrasting with Rs. 328,918 in the previous fiscal year.

Annual General Meeting and Shareholder Details

The upcoming Annual General Meeting of Ghandhara Tyre and Rubber Company Limited is scheduled for October 26, 2023, in Karachi. Additionally, the Share Transfer Books of the company will be closed from October 19, 2023, to October 26, 2023, encompassing both days.

Despite the financial challenges faced during the fiscal year, the company remains committed to its shareholders and aims to overcome the hurdles to achieve sustainable growth in the future.