Lahore: Mubarak Textile Mills Limited has announced its financial results for the half-year ending December 31, 2024. According to the company's directors, the period under review marked a return to pre-tax profitability, recording a pre-tax profit of Rs. 0.22 million. This performance contrasts with the pre-tax loss of Rs. 0.78 million in the corresponding period of the previous year.

The improvement in financial outcomes comes despite the company's non-favorable working conditions and a tight liquidity position. The management noted that the company did not engage in any business activities during the period and instead relied on rental income as its primary revenue source. Moving forward, the company plans to trade in knitted fabric and engage in the manufacturing of knitted garments on a conversion basis.

As of December 31, 2024, the company's total assets stood at Rs. 272.24 million, a slight decrease from Rs. 274.35 million as of June 30, 2024. Non-current assets were valued at Rs. 269.00 million, and current assets amounted to Rs. 3.23 million. The company's equity and liabilities section showed shareholder equity at Rs. 218.41 million, down from Rs. 219.31 million in June 2024.

According to information available from the Pakistan Stock Exchange (PSX), Mubarak Textile Mills Limited's long-term liabilities remained unchanged at Rs. 46.19 million, while current liabilities decreased to Rs. 5.77 million from Rs. 6.89 million in the previous reporting period. The company maintained a share capital of Rs. 54.00 million, with an unappropriated loss of Rs. 87.37 million.

The company's financial statements also highlighted a surplus on revaluation of property and equipment, which was reported at Rs. 251.78 million, a slight decrease from Rs. 252.31 million in June 2024 due to incremental depreciation.

In terms of legal contingencies, the Additional Registrar of Companies has filed a winding-up petition against the company, which remains pending adjudication in the Lahore High Court since 2019. Additionally, assessment proceedings under Rule 44(4) of Income Tax Rules 2002 for the tax year 2018 are ongoing, with a decision yet to be made.

Mubarak Textile Mills Limited expressed gratitude towards its bankers and financial institutions for their continued support during this challenging period. The company's stock continues to be listed under the designated market category on the PSX.